HARARE – Former Premier Service Medical Aid Society (Psmas) chief executive Cuthbert Dube and ex-PG Industries chief executive Gerald Mujaji are the latest high profile businessmen who are set to lose their properties over non-payment of debts.
This comes as several entrepreneurs and company executives have been losing assets across the country since dollarisation in 2009 due to high defaults on loans occasioned by the worsening economic situation, and high interest rates.
Dube, who grossed over $6,4 million per year during his tenure at Psmas, is set to lose his Borrowdale property, which will soon go under the hammer.
The former Zimbabwe Football Association boss faces allegations of abuse of office, abuse of public funds, money laundering and tax evasions among other cases, during his tenure at Psmas.
In a notice yesterday, African Banking Corporation said it was auctioning Dube’s property to recover a debt owed to them.
“The defendants and title in relation to Lot 3 Siligna situate in the district of Salisbury. Also known as number 152 Domboshava Road, Borrowdale, Harare”, will be sold to bidders at an auction, reads part of the notice.
In a related case, Mujaji is likely to lose 29 residential stands in Goromonzi after the businessman failed to settle a long-standing debt to Claudius Nhemwa.
The properties will go under the hammer on June 30 at Raylton Sports Club.
“The defendants and title in relation to certain piece of land situate in the district of Goromonzi called Reinet of Greensyke of Sebastopol measuring 56, 0180 hectares . . . improvements: a portion there of 39 residential stands have been developed ranging from 20 000 to 2 500 square metres,” the notice reads.
Elsewhere, the once-thriving Kalamazoo business is set to lose a double storey building in Belvedere over a case with Stanbic Bank Zimbabwe.
“The defendant and title in relation to stand 17759 Harare Township of Salisbury Township lands measuring 1417 square metres, also known as number 17759 Blackway Drive Licoln Green, Belvedere,” a notice of the sale reads.
“The improvements on the place include a double storey building comprised of four bedrooms, main en-suite, two lounges, ding, laundry, storeroom, fitted kitchen, double garage. There is also a two bed cottage, walled and gate.”