Buyanga’s vehicles attached over debt


By Farayi Machamire

Flamboyant businessman Frank Buyanga is set to lose four vehicles over a long-standing debt to former employees who approached the High Court which ruled in their favour to pave way for the auctioning of the cars today in Waterfalls.

APPARITIONAL... The controversial Rolls Royce Ghost owned by businessman Frank Buyanga and parked at his Cell Funeral Assurance offices along new hearses in Harare's Herbert Chitepo Street. (Picture by Daily News)
APPARITIONAL… The Rolls Royce Ghost owned by businessman Frank Buyanga and parked at his Cell Funeral Assurance offices along new hearses in Harare’s Herbert Chitepo Street. (Picture by Daily News)

The Sherriff of the High Court has instructed the sale of Hamilton Finance property after former employees successfully sued Buyanga.

“We shall sell by public auction the following vehicles to the highest bidder within our premises (709 Midlands, Close, Waterfalls in Harare) on Saturday, 5th August 2017 at 10 am,” Ruby Auctions said in a notice yesterday.

“Naome Maketshemu and others vs Hamilton Finance — Case NO. HC 10193/12: Toyota Grand Hiace — registration number ABU 4145, Nissan Patrol — registration number CAN 0146, Toyota Mark II — registration number AAV 4596, Mazda 626 — registration number ABV 1683.”

Buyanga, was characterised as a loan shark in Zimbabwe after several property owners, mostly in Harare, allegedly had their properties sold by his firm after they failed to repay loans advanced to them through Hamilton Property Holdings Limited, another subsidiary of Hamilton Capital.

Property mogul Frank Buyanga
Property mogul Frank Buyanga

He  relocated to South Africa following alleged political involvement in the dispute between Hamilton Property and ruling party bigwigs and cronies who had borrowed from his firm.

The businessman has said “there was no element of criminality in any of my transactions”.

Efforts to obtain comment from him yesterday on the auction of his vehicles were futile.

Meanwhile, tomorrow’s auction at Waterfalls will see troubled drug-maker CAPS Holdings losing a Nissan Sunny registration number AAD 7729 due to its long-standing debt to CBZ bank.

CAPS Holdings is Zimbabwe’s largest pharmaceutical group. Government assumed control of the stuttering drug-maker in August last year after buying out ex-major shareholder Frederick Mtandah.

This was after CAPS faced a critical funding shortfall, with its property escaping a public auction aimed at amortising a $4 million loan owed to two major banks — CBZ Bank and FBC Bank. 

Government has since snapped up CAPS’ debts through the Zimbabwe Asset Management Corporation, a central bank unit set up to assume distressed companies’ debts to banks.

CAPS is only operating one out of its four plants in the capital, Harare, as a result of lack of funding from new shareholders, government, leaving the country’s health institutions and donors with no option but to procure medicines, including intravenous drip water, outside the country. Daily News

You might also like More from author

error: Content is protected !!