Due to the liquidity crunch and financial crisis of 2003 and 2004 which affected the whole Zimbabwe financial market ENG Capital and many other financial services firms were negatively affected.
1- On 18 February 2004 The High Court of Zimbabwe at Harare Case HC 145-04 and 244-04 was granted placing ENG Capital Investment P/L and ENG Asset Management P/L into voluntary liquidation as a way to secure the firms’ Creditors. This action did not affect or include ENG Capital Holdings Limited which was the main holding Company.
2- ENG cleared all debts after the liquidation of the company its subsidiaries above. Some of the assets in excess of the claims made were returned to the Shareholders, Contributories and Directors. This has been confirmed by the liquidator, Mr. Reggie Saruchera, Managing Partner of Grant Thornton Calmesa. Further, we have copies of the High Court papers declaring that all the ENG’s past and present and future debts have been fully paid which are available for inspection at the High Court in Harare.
3- The final liquidation and distribution account was approved by the Master of High Court after it had laid for inspection without any objections. The record finished laying for inspection on 31 October 2008. Master of High Court issued the relevant documents confirming all debts had been cleared.
4- A notice in terms of Companies Act section 281 was published in the Zimbabwean Government Gazette. After the approval by the Master of High Court the liquidator handed back an operational company known as Allied Conveyors P/L to ENG Investments P/L Shareholders and Directors since it was excess to requirements to meet creditor claims. This confirmed that ENG Capital Investments was solvent and met all its obligations.
5- On 15 July 2010 The High court of Zimbabwe at Harare High Court Case HC -6086-09 confirmed that ENG Capital and its directors had “satisfactorily liquidated all debts past, present and future accumulated by the Company.”
6- The High Court Case HC 6086-09 also ordered the return of the following vehicles to ENG Capital Shareholders, Directors and Contributories ;
– Mitsubishi RVR – Registration – 792 -035 G
– Mercedes Benz C 320 Registration – 793 – 699 H
– Mercedes C 180 Registration – 778 – 980 R
– BMW Z 3 Registration – 740 372 B
ENG Capital Limited has engaged the Regulatory Authorities on the way forward to resume its business in Zimbabwe building on the excess assets which were returned to the Directors and Shareholders. A leading Zimbabwe Bank has been appointed Lead Financial Advisors to handle the proposed listing of ENG on the Zimbabwe Stock Exchange in line with commitments being made to Regulatory Authorities to broaden ENG shareholder base.
ENG Capital Limited Directors, Shareholders and Contributories would like to thank all regulatory Authorities who assisted in the process particularly Ministry of Finance, the Attorney General’s Office, the High Court, Zimbabwe Stock Exchange, Ministry of Justice ,Ministry of Home Affairs (Co-Ministers) and Reserve Bank of Zimbabwe.
25 April 2011
ENG Capital Holdings Limited – Directors, Shareholders and Contributories
Website ; www.engcapital.ca SKYPE ID – eng.capital
Gilbert Muponda
ENG Capital Group – Chairman
