Articles tagged 'debt'

Zanu PF bigwigs stew in Zesa debts 7 October 2018 HARARE - Top Zanu PF officials are being dragged to court by State power utility Zesa Holdings (Zesa) over unpaid electricity bills. The cases illustrate how government officials, previously shielded from insolvency courts under the previous Robert Mugabe regime, are now under pressure by Zesa...
Harare City Council property attached over $3,9k debt 21 June 2018 HARARE - Harare City Council chamber room was yesterday emptied by the Messenger of Court over a $3 900 debt. According to sources at Town House, the deputy sheriff pounced on council offices and took chairs and desks in the room. [GoogleAd] The property attachment comes amid escalating ...
Vharazipi blocks property attachment 14 November 2017 HARARE - TV drama actor David Mubaiwa, popularly known as Sabhuku Vharazipi, has launched a bid to stop the attachment of his property to recover $218 000 for CDs that he reportedly sold on behalf of Ziya Cultural Arts Trust. This comes after High Court judge David Mangota recently gave an ord...
Vharazipi's property to be attached over $218k debt 5 November 2017 HARARE - Drama actor David Mubaiwa,  popularly known as Sabhuku Vharazipi, is set to lose property worth $218 000 after Ziya Cultural Arts Trust filed an application to attach the property in a bid to recover the funds, which are proceeds for discs that he reportedly sold on behalf of the organis...
Prisons boss sued for $137K over 'debt' 4 October 2017 HARARE - Zimbabwe Prisons and Correctional Services (ZPCS) boss Paradzayi Zimondi has been dragged to the High Court by the Zimbabwe Farmers Development Company (ZFDC) for allegedly failing to service a $137 000 debt. The High Court has since ordered the attachment of his property to repay the...
Musician Utsiwegota sued over $24k debt 27 September 2017 HARARE - Popular musician and producer Innocent Utsiwegota has been dragged to the High Court after failing to pay back $24 000 that he borrowed from a Tynwald woman in 2012. According to court papers, Utsiwegota borrowed $40 000 from Doren Nerwande. He reportedly paid back $2 000 in Decemb...
'Clear $1,8bn debt to get fresh funding' 9 September 2017 HARARE - The Zimbabwean government has been urged to accelerate the country’s debt repayment plan to allow industry easy access to affordable fresh capital. Speaking at a meeting with President Robert Mugabe, former Confederation of Zimbabwe Industries (CZI) president Charles Msipa said most b...
Businessman Chapfika fights property attachment 2 September 2017 HARARE - Prominent businessman MacDonald Chapfika is battling to block the sale of his household property that was attached by a law firm over unpaid legal fees. Chapfika, who had his exclusive deal to supply Harare City Council with water treatment chemicals cancelled in 2010 due to overprici...
Former top MDC staffer loses property over debt 21 August 2017 HARARE - Controversail former MDC director general, Toendepi Shonhe, who made headlines recently for predicting a landslide victory for Zanu PF in next year’s general elections, has lost a 1,2 hectare plot over an unspecified debt owed to a local bank. The property, located in the prime farmin...
Pandhari Hotels' property attached over debt 10 July 2017 HARARE - Deputy Sheriff has attached Pandhari Hotels’ property for sale after failing to settle a judgment debt to its former employees. The property — belonging to the Harare accommodation and conference facility located in the upmarket suburb of Glen Lorne — went under the hammer on Thursday...
Charumbira's vehicle faces auction over debt 4 July 2017 HARARE - President of the National Council of Zimbabwe Chiefs Fortune Charumbira faces the imminent threat of his luxury SUV vehicle being auctioned off after defaulting on repayments amid a crackdown on overdue loans by banks. People’s Own Saving Bank (POSB) has served notice of an auction of...
Zim's public debt rises to $11,6bn 26 June 2017 HARARE - Zimbabwe's economy remains fragile with a “precarious” level of public debt during the year to March rising to over $11 billion, the Parliament Budget Office said in its latest report. Zimbabwe's domestic debt rose 40 percent to $4,3 billion, with external debt standing at $7,5 billio...
Slash public sector wage bill: World Bank 25 June 2017 OUR Deputy Business Editor, Ndakaziva Majaka, talks to World Bank's (WB) outgoing country manager, Camille Nuamah, whose tour of duty ran from June 2014. NUamah will be succeeded by WB's sector manager for Urban Development and Services in East and Southern Africa, Rosemary Mukami Kariuki, who...
'Another debt write-off may hurt city' 24 June 2017 BULAWAYO - Government has strained Bulawayo City Council (BCC)’s public finances and undermined an already ailing municipality after a $46 million debt write-off for ratepayers and moves to do something similar ahead of next year’s general elections. Ahead of the 2013 election that gave Presid...
Cuthbert Dube's home seized over debt 23 June 2017 HARARE - African Banking Corporation is  foreclosing former Premier Service Medical Aid Society (Psmas) chief executive officer Cuthbert Dube’s four-bed roomed home, seized after failing to settle bad debt. This comes amid a surge in foreclosures representing a new wave of distressed property ...
ZRU faces $13 000 suit 7 June 2017 HARARE - The Zimbabwe Rugby Union (ZRU) has been hauled before the High Court, facing a $13 000 lawsuit after it failed to pay the amount for services offered by a local hospitality firm, Cresta Hotels. According to court papers, the debt dates back to March last year. Cresta Hotels was for...
Zim's frayed theatre of reform 30 April 2017 HARARE - Impoverished Zimbabwe must clear $1,8 billion of debt arrears to the World Bank (WB) and the African Development Bank (AfDB) before the banks can start lending to President Robert Mugabe’s government, economists have said. This comes after Singaporean global commodities firm, Trafigur...
Zamco mops $0,5bn bad loans from banks 20 April 2017 HARARE - The Zimbabwe Asset Management Corporation (Zamco) has mopped up over $500 million bad loans from the country’s banks in an effort to make them attractive to foreign investors. Finance minister Patrick Chinamasa said since the Special Purpose Vehicle began operations in 2015, it has re...
Govt moves to clear $62m varsities debt 25 March 2017 HARARE - Government is clearing its $62 million debt to tertiary institutions, paying $30 000 monthly, the National Assembly has been told. This comes as Tertiary Education deputy minister Godfrey Gandawa admitted that the multi-million debt was stifling the development of universities, which ...
Zim bad debt nears $1bn 20 February 2017 HARARE - The Zimbabwe Asset Management Corporation (Zamco) has started acquiring bad loans secured by mortgage bonds, after assuming non-performing loans (NPLs) close to $1 billion in 2016. A non-performing loan, according to the International Monetary Fund, is a credit that has not been repai...
Furore over Council debt collectors 19 January 2017 HARARE - Residents have approached lawyers seeking recourse over a 10 percent commission charged by Harare City Council (HCC)-hired debt collectors. Council has engaged WellCash Debt Collectors to recover money owed for water and rates by residents, with the debt collectors forcing ratepayers ...
DeMbare property to be auctioned 3 November 2016 HARARE - Property belonging to Dynamos and a number of their officials will be auctioned today in the capital to recover a $250 000 debt owed to CBZ Bank Limited. According to a notice published in the media at the weekend, the property will go under the hammer at an auction to be conducted by...
DeMbare in turmoil over 2011 debt 25 October 2016 HARARE - Dynamos' off-field problems continue to mount after CBZ Bank Limited was awarded a writ of execution to attach the club’s property and that of former executive members owing to a 2011 debt. With interest rates and legal costs, DeMbare are now required to pay approximately $250 000 to ...
Mamelodi arrives in Zim 8 September 2016 HARARE - Fifa development officer for southern Africa Ashford Mamelodi arrived in the country yesterday to attend a number of meetings regarding Zifa’s ballooning debt. Mamelodi, who is based at the Fifa Development Office in Gaborone, Botswana, will hold a series of meetings with Zifa officia...
Hwange sinking in $310m debt 29 June 2016 HARARE - Troubled Hwange Colliery Company Limited (Hwange) is seeking a scheme of arrangement to reschedule its $310 million debt, as its going concern status remains under threat. This also comes as the western Zimbabwe coal miner is mulling a $25 million rights and $100 million bond issue in...