Maravi

(TALKZIMBABWE) RBZ property attached for debt

RBZ property attached for debt
Floyd Nkomo
Sun, 24 Jan 2010 04:56:00 +0000

THE Reserve Bank of Zimbabwe had its property attached on Friday under a court order obtained by an agricultural equipment dealer who said the central bank never paid it US$2.1 million for tractors it had purchased.

The sheriff was moving to attach RBZ property to settle an unpaid bill related to the Farm Mechanization and Agricultural Support Enhancement Facility run by the bank. The bank owes Farmtec Spares and Implements approximately US$2.1 million. The sheriff’s office started to attach bank property Thursday.

The writ of execution issued by Farmtec's lawyers includes five properties owned by the RBZ which they want the sheriff to attach.

Reports say if the sheriff did not find movable assets of sufficient value, fixed assets of the bank such as buildings could also be attached.

Some of the properties listed are in Harare, the Manicaland capital of Mutare and the northeastern Zambezi River resort town of Kariba, he said.

Farmtec lawyers say the RBZ has indicated that it is prepared to point out some movable assets that could be attached.

The central bank ordered 150 tractors for the farm mechanization program and received 60 worth US$2.1 million. The remaining 90 were to be delivered once the bank paid for the first consignment.

Labels: AGRICULTURE, RBZ

posted by MrK @ 9:45 PM