DEPOSITORS with money trapped in the collapsed Genesis Investment Bank can only get a maximum of US$150 each, upon confirmation of the provisional liquidator this week.
The High Court has to confirm the provisional liquidator by Thursday.
Genesis surrendered its banking licence last month after failing to meet the prescribed minimum capital requirements of US$10 million despite getting extended deadlines from the Reserve Bank of Zimbabwe (RBZ).
Genesis had negative capital of US$3,2 million.
Deposit Protection Corporation (DPC) acting chief executive officer, Mike Chingosho, said US$150 was the maximum insurable amount to be paid, meaning that large depositors such as the National Social Security Authority (NSSA) have to contend with that.
Genesis creditors would be paid their balance after the disposal of its assets.
As at May 24, Genesis had a deposit base of US$2 million.
DPC administers the Deposit Protection Fund, whose objective is to compensate depositors for losses incurred in the event of insolvency of a contributory institution.
The closure came after RBZ governor, Gideon Gono, had appealed to deep-pocketed local investors to bail out the bank in remarks targeted at proponents of indigenisation.
Youth Development, Indigenisation and Empowerment minister Saviour Kasukuwere has vowed to “indigenise” the banking sector, notwithstanding calls by Gono that the sector was already indigenised.
Since its inception in 2003, the DPC (formerly Deposit Protection Board) has compensated depositors of three collapsed institutions, Sagit Finance House, Century and Rapid Discount House.
A total of 3,482 out of 4,625 depositors were compensated.