Nkomo family firm seeks US$1m to develop stands 

Source: Nkomo family firm seeks US$1m to develop stands – The Southern Eye

A company owned by the late Vice President Joshua Nkomo’s family, Anzac is seeking over US$1 million to complete servicing stands in Whitestone and Mqabuko Heights in Bulawayo.

The Bulawayo City Council awarded Anzac the tender to service the stands including constructing a 20-kilometre road in the area.

According to latest council minutes, acting director of engineering services Sikhumbuzo Ncube, Anzac Properties has written to the local authority seeking authority to engage another private developer to finish the project.

 “The developer had engaged Road Trackers Private Limited whose quote for the roads and storm water drains was US$4 562 413-53 as per the approved civil designs.

“So far Anzac investments (Pvt) Ltd has been able to raise US$3 251 445-00,” read the minutes.

“An outstanding payment to the contractor of US$1 310 968.53 was therefore required so that the roads were completed.

“Only after the construction could the development beneficiaries be able to take titles for their properties.”

The minutes indicate that Anzac Properties (Pvt) Ltd wanted to create a development fund to raise the required funds.

“Stand holders had, however, indicated their desire to have council inclusion so as to enhance trust and confidence between the two parties.

“Members would be informed that a council resolution of June 5, 2013 acknowledged the developers’ engagement of the stand holders on the same,” read the minutes.

“Furthermore, a letter dated August 10, 2014, was written to the developer affirming Councils’ stance to support the engagement of the beneficiaries.

“It was to be considered that Anzac Properties’ request for a letter of endorsement be granted.”

In July, Anzac approached council and pleaded with the local authority not to cancel the tender.

In 2020, 12 beneficiaries of residential stands being developed by Anzac took the company to court over its failure to service the stands and provide them with title deeds.

The families, who bought the residential stands between 2002 and 2005, complained that despite having fully paid for the properties, Anzac Investments, a company directed by Nkomo’s daughter Thandiwe Nkomo, had not yet serviced the area.

They wanted an order directing Anzac to comply with the terms of the agreement of sale by transferring the properties into their names.

In October 2016, Nkomo indicated that Anzac Investments was struggling to raise close to US$5 million for the servicing of the housing stands.

Nkomo said the company wanted to engage the municipality or a private player in a joint venture.

Council rejected the request saying it was going to set a wrong precedent.

The project involves the development of two upmarket suburbs – Mqabuko Heights and Whitestone –  comprising of residential stands, open spaces, a commercial centre, primary and secondary school sites.