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(TALKZIMBABWE) Tsvangirai’s brother owes US$600,000

COMMENT - Morgan Tsvangirai, the former trade unionist, whose brother is the 'organising secretary and treasurer' of the Zimbabwe Gold Miners and Millers Association - not a trade union... whose brother owns A GOLD MINE... who wants to privatise Zimbabwe's mines... Isn't it completely clear what the MDC is all about? They sold out 6 months after they were created. They sold out and betrayed Zimbabwe and the Zimbabwean people. Remember they ran on democracy and human rights. They destroyed the Zimbabwean people's savings when they helped draft the legislation (ZDERA) that destroyed the Zimbabwean currency. They are traitors, thieves and killers. They are complete and utter hypocrites and liars.

Tsvangirai’s brother owes US$600,000
Posted by By Our reporter at 10 July, at 20 : 47 PM Print

MDC-T LEADER and Prime Minister Morgan Tsvangirai’s younger brother Casper is on the verge of having some of his properties attached after failing to clear a US$600,000 debt with a local bank. Documents show that Tsvangirai (53) borrowed US$500 000 from TN Bank in June 2009 for use in his gold mining ventures in the Midlands.

He was supposed to repay the money by the end of June last year but after servicing part of the loan, he began defaulting, resulting in the outstanding money and interest charges accumulating to about US$600,000.

TN Bank released the money under a facility it unveiled on June 16, 2009 to small-scale gold miners under the ambit of the Zimbabwe Gold Miners and Millers Association (Zigmma), of which Mr Tsvangirai is organising secretary and treasurer.

Tsvangirai initially serviced his loan according to the agreed repayment plan but later defaulted, resulting in the bank initiating moves to recover its money by attaching a residential property in Kwekwe and some of his mining claims.

To avoid the looming attachment of his property, Tsvangirai is said to have tried to change ownership of the house through Wilmot and Bennett Legal Practitioners.

His luck, however, ran out when TN Bank got wind of the planned transaction as Wilmot and Bennett were in merger talks with the bank’s legal representatives, Mtetwa and Nyambirai Legal Practitioners.

This resulted in the financial institution engaging Mtetwa and Nyambirai Legal Practitioners to stop the transaction and initiate moves to recover the outstanding money.

Tsvangirai got the money together with other members of the Zigmma executive.

These include chairman Nixon Misi, secretary Herbert Mudzamba and chairman of the Harare Mining District Johnson who got varying amounts from the bank.

The other members of the executive are said to have serviced their loans while those that failed to do so within the agreed timeframe submitted repayment proposals that were accepted by the bank.


“Mr Tsvangirai appeared to be a bit evasive concerning the payment of the outstanding amount and this has led the bank to institute measures to recover its dues,” said a source.

Tsvangirai was recently in the news for failing to meet his cellphone usage bill with a local mobile phone network.

TSM-TZG

Labels: GOLD, MDC CORRUPTION, MORGAN TSVANGIRAI

posted by MrK @ 11:15 PM