This however, paves the way for GCB Bank to re-negotiate their terms of engagement.

Already GCB has explained that it would use the next six months to assess the skills of all staff of the two defunct banks and determine who amongst them would be retained.

In a letter dated August 31, 2017 and sent to staff of the former UT Bank and Capital Bank, PricewaterCoopers explained how the receivership affects them.

“Your contract of employment with UT has been terminated as a result of the receivership effective 14 August 2017. Any claim you have against UT such as arears of salaries, wages, leave, severance pay and other entitlement will be dealt with in accordance with the provisions of the Labour Act, 2003 (Act 651) and the Banks and Specialized Deposit Taking Institutions Act, 2016 (Act 930),” a letter to one of the affected staff which has been seen by Graphic Online stated. (A copy of the letter in the picture below)

It added: “Kindly note that your claims are against UT and not the Joint Receivers. The Joint Receivers act on behalf of UT.”