Zimbabwe News and Internet Radio

Bid to attach DeMbare bus, cash hits snag

By Kevin Mapasure

HARARE – CBZ Bank’s bid to attach the Dynamos team bus and also gain access to their gate takings over a US$400 000 debt has hit a snag that has given the Castle Lager Premier League defending champions precious breathing space.

Dynamos team bus arrives at Rimuka Stadium (Picture by Citizen Reporter)
Dynamos team bus arrives at Rimuka Stadium (Picture by Citizen Reporter)

The bank’s legal team, BM Msipa and Partners sought to attach the side’s bus and also collect gate takings from the team’s home matches, but a letter from the sheriff’s office — which is supposed to enforce the court order — has left CBZ pondering on its next move.

Dynamos play the majority of their home matches on Sundays at Rufaro stadium which is the chance for the messenger of court to attach the bus and collect gate takings.

The legal team had planned to have the execution effected during Dynamos’ home match against Dongo Sawmills at Rufaro stadium, but the office of the sheriff wrote advising that the execution could not be done during the proposed time.

“We advise that the sheriff dose not execute on Saturday after 1pm. Any execution done after that is null and void,” reads part of the letter dated March 25.

This was in response to a letter from BM Msipa and partners which read in part:

“We refer to the above matter where we obtained judgment against the above debtor Dynamos Football Club. Efforts to attach both movable and immovable assets have proved fruitless as they do not have any assets.

“We understand they recently acquired a club bus. May you, therefore, attach and take into execution the bus, which we have no registration number, and gate takings of their home game on Saturday March 21, 2015 at National Sports Stadium along Bulawayo Road.”

The response from the sheriff means that unless Dynamos play a home midweek match CBZ will fail to access their gate takings and potentially the bus.

In a statement the lawyers said “we are weighing our options after exploring avenues available to us”.

DeMbare are under heavy pressure over a default judgment passed in 2012 empowering CBZ to seize Dynamos property over an initial debt of US$190 000, which has since swelled due to interest, after the club accessed an overdraft facility to service its Caf Champions League participation.

Dynamos claim to have paid US$190 000 and want the bank to reduce the interest rates.

DeMbare also claim that the bus the bank is targeting actually belongs to Nyaradzo Funeral Services. It is only used to travel out of town for matches, and on match days when playing at home but is otherwise kept at Nyaradzo at all other times. Zimbabwe Independent

Comments