BUSINESS NEWS

Bank seeks Rushwaya's incarceration over $174k debt

Tetrad Investment Bank, which is under provisional judicial management, has petitioned the High Court seeking the incarceration of Kadoma gold miner, Jameson Rushwaya over a $174 000 debt.Through its ...

By Staff reporter | Published: 06 February 2019

MINING & RETAIL

Meikles companies to go under the hammer over debt

MEIKLES stands to lose its shareholding in several of its subsidiaries after a High Court dismissed its application challenging the attachment of its shares by the sheriff over a $1,5 million debt owe...

By Staff reporter | Published: 24 December 2018

SOCCER

Zifa sued over security services debt

A LOCAL security company, Select Security (Pvt) Ltd, has petitioned the High Court seeking an order to compel the Zimbabwe Football Association (Zifa) to settle over $11 000 debt for the security serv...

By Staff reporter | Published: 20 December 2018

POLITICS

Zifa engages creditors to clear debts

Zifa will start engaging its creditors this week to come up with a payment plan as the new leadership led by Felton Kamambo begins efforts to turn around the fortunes of the association.The associatio...

By Staff reporter | Published: 20 December 2018

BUSINESS NEWS

Kwekwe engages debt collectors

Cash-strapped Kwekwe City Council has engaged debt collectors  to recover $45 million owed by ratepayers. Addressing a full council meeting, Kwekwe treasurer Mrs Rejoice Maweni said council has s...

By Staff reporter | Published: 20 December 2018

BUSINESS NEWS

Court orders EgyptAir to pay RTG $20 000 boarding debt

The High Court has ordered EgyptAir Holdings to settle a debt of over $20 000 owed to Rainbow Tourism Group Limited for its hotel and hospitality services rendered to the airline's guests.This comes a...

By Staff reporter | Published: 16 December 2018

BUSINESS NEWS

Businessman faces jail over $4,7m debt

Prominent businessman Munner Kamruddin Kazi faces jail after his former business partner Thamer Said Al Shanfari approached the High Court, seeking his civil imprisonment over a $4,7 million debt.Thro...

By Staff reporter | Published: 10 December 2018

BUSINESS NEWS

MDC sued over $14 000 telecoms equipment hire debt

THE High Court has ordered opposition MDC party to pay $14 146 to a local telecommunications firm, Ericom Communications, for equipment hired nearly two decades ago.The telecommunication firm filed su...

By Staff reporter | Published: 07 December 2018

BUSINESS NEWS

Zanu-PF legislator sued over $55k power debt

Mutoko South legislator Herbert Shumbamhini (Zanu-PF) has been taken to the High Court by the Zimbabwe Electricity Transmission and Distribution Company (ZETDC), over an unpaid electricity bill of $54...

By Staff reporter | Published: 28 November 2018

BUSINESS NEWS

Zamco absorbs $1billion bad debts, disbanded

GOVERNMENT will stop further acquisitions on non-performing loans through its special purpose vehicle - the Zimbabwe Asset Management Company (ZAMCO). The entity, which was established in 2015 with a ...

By Staff reporter | Published: 26 November 2018

BUSINESS NEWS

Zimbabwean banker loses SA home over $4.5 million debt

FORMER Trust Bank director Christopher Goromonzi lost his plush Johannesburg home after it was auctioned to offset a reported $4,5 million debt he owes a South African bank, it has been learnt.Goromon...

By Staff reporter | Published: 23 November 2018

BUSINESS NEWS

Bad debtor record haunts Zimbabwe

Zimbabwe's bad debtor record is affecting the implementation of mega deals signed with China, industrialist Joseph Kanyekanye says. Zimbabwe has over the past five years inked several multi-million do...

By Staff reporter | Published: 22 November 2018

MINING & RETAIL

Premier in debt-equity deal with director

Premier African Minerals says it has converted a $300 000 loan availed by chief executive George Roach into equity. Last week, the company's board agreed to amend terms of the existing loan agreement ...

By Staff reporter | Published: 22 November 2018

TRANSPORT & TOURISM

Zupco wants govt to warehouse $16,1m debt

The Zimbabwe United Passenger Company (Zupco) is saddled with a $16,1 million debt and now wants government to warehouse it so that it can work on a turnaround strategy for the bus operator now runnin...

By Staff reporter | Published: 21 November 2018

TRANSPORT & TOURISM

Air Zimbabwe struggles to clear $370m debt

Air Zimbabwe is struggling to pay back a $370 million to various stakeholders, a situation hampering the national airline's resuscitation efforts.The revelation when the parastatal's reconstruction te...

By Staff reporter | Published: 20 November 2018

POLITICS

Councils warned against engaging debt collectors

GOVERNMENT has warned local authorities against engaging debt collectors saying it is illegal to do. Local Government, Public Works and National Housing Minister July Moyo said investigations were und...

By Staff reporter | Published: 19 November 2018

Steelmakers in trouble over debt

Steelmakers Zimbabwe (Private) Limited in Redcliff, Kwekwe is being sued over a debt owed to an oxygen cylinder supplier.This comes after the two parties signed a deal in early 2016 which later collap...

By Staff reporter | Published: 30 September 2018

BUSINESS NEWS

Zimra mulls debt write-offs

THE Zimbabwe Revenue Authority (Zimra) says it is mulling several debt management strategies including write-offs following recent lapse of a tax moratorium.Highlighting tax defaults had continued ris...

By Staff reporter | Published: 30 September 2018

BUSINESS NEWS

Debt-ridden CSC downscales

COLD Storage Company (Ltd), a beef producer with refrigerated warehousing, has downscaled its operations and put its employees on a "short time" work schedule under which they will now be paid based o...

By Staff reporter | Published: 13 September 2018

BUSINESS NEWS

Air Zimbabwe in trouble over internet services debt

NATIONAL airline, Air Zimbabwe (Pvt) Ltd has been taken to court by local internet service provider, Powertel Communications (Pvt) Ltd, over a $18 441 debt for services rendered.On August 17 this year...

By Staff reporter | Published: 10 September 2018

BUSINESS NEWS

Bank sues Paul Madzore over $22 000 debt

FORMER MDC-T Glen View South legislator Mr Paul Madzore has been taken to the High Court over an outstanding bank loan amounting to $22 000. The politician benefited from an overdraft facility with CB...

By Staff reporter | Published: 10 September 2018

MINING & RETAIL

Debts push Metallon Corporation to the brink

PROPERTY belonging to Zimbabwe's largest gold producer, Metallon Corporation, will be auctioned by the High Court to recover an estimated US$30 million owed to various creditors and workers, as the mi...

By Staff reporter | Published: 07 September 2018

CRICKET

Zimbabwe Cricket sued over $2,5m debt

Local vehicle sales and maintenance firm, Croco Motors (Private) Ltd, has petitioned the High Court seeking an order to compel the Zimbabwe Cricket Union (ZCU) to repay a $2 560 000 debt which the cri...

By icketStaff reporter | Published: 06 September 2018

INDUSTRIALS & ENERGY

Turnall restructures its short-term debt

ASBESTOS fibre cement products manufacturer Turnall Holdings will be debt free by the end of the 2019 financial year after it managed to offload its $7,2 million loan to the Zimbabwe Asset Management ...

By Staff reporter | Published: 27 July 2018

BUSINESS NEWS

Business couple jailed over bank debt

HARARE businessperson Jameson Rushwaya and his wife Annie were yesterday slapped with an order for civil imprisonment after failing to settle a $174 000 loan with the now-defunct Tetrad Investment Ban...

By Staff reporter | Published: 26 July 2018
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