Source: SA deal haunts Harare tycoon – The Standard
A multi-million South African business venture is haunting a Harare businessman as it is threatening his prospective business projects locally amid revelations that his erstwhile partners are vying for a share of the money he made in South Africa.
Danny Mavhura Huruyadzo, who is into land development, has been forced to put on hold local projects as a result of the prying by a South African company — Cashfields (Pvt) Ltd.
Cashfields (Pvt) Limited had a long- standing multi-million business partnership with Huruyadzo’s Hibernic Energy in South Africa until Huruyadzo decided to come back to Zimbabwe to embark on new business ventures.
However, Huruyadzo claims his erstwhile partners have been giving him sleepless nights since the time he moved to Zimbabwe over his money in a South African bank.
Cashfields (Pvt) Ltd represented by its managing director Herbert Woods has gone a gear up in pursuit of Huruyadzo’s money after they approached the High Court in Zimbabwe demanding the freezing of US$150 million in Hibernic Energy’s South African account.
Woods claims that in the course of the parties’ mutual business relationship, Huruyadzo accrued huge bank balances totalling US$155 million.
“The sum of US$5 million was transferred to the applicant’s (Woods) Standard Chartered Bank account in South Africa as disbursement in an alleged full and final settlement of an outstanding transaction,” reads Woods’ founding affidavit filed at the High Court of Zimbabwe.
“Applicant has incessantly been demanding the freezing of the balance of US$150 million held in the respondent’s bank account pending a further payment to itself in the amount of US$1,5 million.”
However, Huruyadzo has since responded to Woods’ claims, arguing that the money in the South African bank was his and that after the termination of the mutual agreement, Woods was given his monetary share of US$5 million.
“The respondent is the owner of the said US$150 million.
“He had no intention to disburse the money he owns and the applicant is not the owner of the said amount,” said Huruyadzo in his opposing affidavit.
“If he is the owner, he should show proof of ownership to the money.
“The respondent had the right to use the money in the manner he so wishes.”
Huruyadzo said the claims by Woods were defamatory, which could trigger another court case against him in terms of laws in Zimbabwe.
The local businessman wants Woods’ application to be dismissed with costs.
Meanwhile, Huruyadzo said the legal dispute is derailing some of his projects which he is pursuing locally.
He said a fleet of cars he bought from a South African company last year is yet to be delivered in Zimbabwe, something that is eating him up.
“I have a number of infrastructural development projects that I am doing here in Zimbabwe, but this South African deal is disturbing everything,” Huruyadzo said.