Minister loses property over $1,5m debt

13 Jun, 2016 - 00:06 0 Views
Minister loses property over $1,5m debt Deputy Minister Moyo

The Herald

Deputy Minister Moyo

Deputy Minister Moyo

Daniel Nemukuyu Senior Court Reporter—
THE High Court sheriff last Friday stormed the Borrowdale home of Mines and Mining Development Deputy Minister Fred Moyo to attach property worth thousands of dollars after he and fellow directors of a mining firm failed to settle a $1,5 million debt.Moyo and fellow directors stood surety to Stanbic Bank Zimbabwe Limited for a $765 000 loan, now repayable with interest and other charges almost matching the principal.

The money was advanced as a loan to Ox Mining Private Limited, a company in which Deputy Minister Moyo was a director. The Herald understands that Deputy Minister Moyo bound himself as surety together with three other top-ranking OX Mining officials.

When Ox Mining failed to pay the debt, Stanbic sued the firm and its directors. Deputy Minister Moyo, together with Mr Paul Diamond, Mr Dirk Renier Bewade and Mr Sydney Steyn were ordered to pay $765 000 plus interest calculated at a rate of 31,85 percent per annum from July 1, 2013 to the date of payment in full.

Last Friday the Office of the Sheriff of the High Court indicated interest stood at $691 239 while the commission was $72 861.30. Other smaller charges were factored in, giving a total of $1 457 225, 30.

On Friday, the Sheriff of the High Court went to the deputy minister’s house on Quinnington Road, and attached almost all moveable property in sight, including a Ford Ranger T6 and a Nissan Hardbody.

All household property including six fridges, two sets of sofas, stoves, kitchen unit, computers, tables, microwaves, dressing tables, were attached. The Sheriff also attached 15 school desks at the house, window and door frames, a Kipor electric generator, two water tanks, among other items.

The property was attached in the presence of the deputy minister’s wife Mrs Moyo, who watched helplessly as the Sheriff executed his duties. The property attached was valued at less than a quarter of the debt and the Sheriff is expected to attach more property to satisfy the court judgment.

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