More prominent citizens sink under debts

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AS the economic climate in Zimbabwe gets more unforgiving, a number of prominent citizens are failing to service their debts, resulting in many of them losing their assets.

Ibbo Mandaza

Ibbo Mandaza


Last week, the Sheriff of the High Court announced the upcoming sale of household property belonging to former Zimbabwe Broadcasting Corporation (ZBC) chief executive, Happison Muchechetere, after he failed to settle a US$24 000 legal bill to a Harare law firm, Dube Manikai and Hwacha.
Muchechetere, whose name together with that of former Premier Services Medical Aid Society’s Cuthbert Dube became national by-words for mega salaries, was defended by the law firm in a case in which he was accused of defrauding ZBC and criminal abuse of office.
The same sheriff announced the attachment and impending sale of property belonging to Zimbabwe Commercial Farmers’ Union president, Wonder Chabikwa, over an undisclosed debt owed to IETC Zimbabwe.
Chabikwa’s assets at his Coburn Estates in Chegutu that will be going under the hammer include two tractors, a herd of 60 cattle, 15 goats and sheep and other farming implements.
Former legislator and opposition politician, Job Sikhala is set to lose a commercial property in Chitungwiza after he failed to repay CBZ Bank an undisclosed sum of money.
Sikhala’s commercial property at Huruyadzo Shopping Centre in St Mary’s has nine shops.
Embattled businessman, Cecil Muderede, is set to lose a residential property in Harare’s Horgety Hill over an undisclosed amount owed to Allied Insurance Company.
Muderede owned the country’s largest wholesaler Jaggers and its subsidiary Trador, which went into liquidation in 2010 after he failed to pay creditors who were owed over US$13 million.
Another troubled businessman, Simba Mangwende had six lorry trailers attached by Roma Furniture over a debt of more than US$75 000 arising from unpaid rentals for business premises.
Seed firm, Seed Co is also dragging academic and farmer, Ibbo Mandaza, to court over an undisclosed debt.Fingaz

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