Court master hunts Buyanga

HARARE - Zimbabwean High Court master has reportedly tabled a $75 000 bill – in statutory fees – for the judicial management process of businessman Frank Buyanga’s Hamilton Property Holdings (Hamilton), it has emerged.

While the South African-based entrepreneur has told the Daily News that he was not “exactly at liberty to comment on a company under legal proceedings”, he yesterday insisted that he felt certain “arenas, especially the police and National Prosecuting Authority, may have neglected their duties” in dealing with his cases against numerous adversaries.

“According to section three of… the Companies Act, a company has been placed under judicial management must pay Masters’ Fees in the sum of five percent of the gross value of assets owned..,” read part of the September 01 letter to Hamilton’s judicial manager.

“According to your first report… Hamilton Property Holdings had total assets of $15 000 000. The master’s fees payable is thus $75 000,” it said, adding the amount was due and payable immediately.

On his part, Buyanga said: “I personally do not believe l can legitimately comment on behalf of (Hamilton and)… I do not have (any) locus standi on this matters as it stands.  Whilst I may have been once an agent and designated director, l can only comment for the time I acted in an official capacity as… a representative, buyer or otherwise.”

“It is my observation that significant creditors may have been compensated or rather diminished.  However, it is common cause that the enterprise has outstanding (third party) claims that in my view will be settled if and when the judicial management process is complete,” he said.

Having launched a series of bitter complaints about the police's conduct in dealing with some of his odd-200 cases against a variety of individuals and companies, Buyanga expressed cautious optimism about the current process, including Hamilton’s valuation.

“I cannot competently comment… save to say that valuations progress with time either through appreciation or depreciation. However, brick and mortar seems to follow a proven natural sequence of appreciation. A company is a limited liability and cannot be said to be legally mine although my interests may be noted,” he said.

“(The) law is an ass as noted and understood by those in the… echelons of judicial function. It is, however, not an issue for me (to raise) on the conduct or outcome of the legal process or practice underway (except that) I am a firm believer in the long arm of the law. The wheels of Justice have elements of infinitism, but (they) will prevail,” Buyanga said, adding “it may take a century, but history will be the true judge to any injustice caused by short term actors”.

Amid claims that he has had many attempts on his “liberty, personal security and life”, the controversial businessman believes Hamilton “will not go away anytime soon, but sanity must prevail in the interest of humanity and the market place since it… underpins endemic survival too and, which is not limited to social cohesion”.

Comments (1)

Pay attention to your subbing...5% of $15m can never be $75,000

Kings - 14 October 2016

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