Minister loses property over $765 000 debt

Mines and Mining Development deputy minister Fred Moyo on Wednesday lost property worth thousands of dollars after the Sheriff of the High Court attached property at his Borrowdale home for auctioning to recover over $765 000 owed to Stanbic Bank.

Source: Minister loses property over $765 000 debt – NewsDay Zimbabwe February 24, 2017


However, there was drama at number 8 Quinnington Road in Borrowdale, Harare, when the sheriff’s officials, were initially locked outside and later inside the premises allegedly by the deputy minister’s security.

The court official reportedly used force to break their way in and out after attaching and removing property worth thousands of dollars.

The writ of execution against Moyo’s property came after the latter and his fellow directors in a mine called Ox Mining, namely Paul Diamond, Dirk Renier Bewade and Sydney Steyn, failed to settle the debt, which they had guaranteed .

While the sheriff’s office declined to comment on the matter, sources close to the development confirmed police officers from Tomlinson Depot were involved in the commotion with the Sheriff, while Moyo and his wife were away.

According to the writ of execution, Moyo’s property which was attached included Ford Ranger T6 and Nissan Hardbody vehicles, six fridges, two sets of sofas, stoves, kitchen unit, computers, tables, microwaves, dressing tables, headboards and solar batteries.

The sheriff also attached 15 school desks, window and door frames, electric generator, a tub and two water tanks, among other items.

In its founding affidavit filed in 2013, Stanbic Bank said Moyo, together with his co-directors, were ordered to pay $765,986,67 plus interest calculated at a rate of 31,85% per annum from July 1, 2013 to the date of payment in full.

“In breach of the loan agreement, the first defendant (Ox Mining) failed to pay the amount due and as at June 30, 2013, the first defendant owed plaintiff the sum of $765 986,67, which amount the second, third, fourth, fifth and sixth defendants (Moyo, Diamond, Bewade, Steyn and Gold Recovery Group) are obliged to pay,” the bank said.

The loan agreement between the parties is said to have been entered on August 30, 2012, at which time the bank released the funds.

The parties then agreed that Ox Mining would repay the loan with interest, but in breach of the agreement, the mine failed to pay the amount, prompting the bank to sue for recovery.