Minister Obert Mpofu may lose 50 properties to CBZ over $2 million debt

Minister of Macro-Economic Planning and Investment Promotion Obert Mpofu is set to lose 50 properties after CBZ Bank filed High Court summons on Monday over a $2 million loan. The minister had taken the loan on behalf of his financial institution, Allied Bank Limited which was later closed down, and had used the properties as security.

Part of the court papers for CBZ Bank Prepared by its lawyers, G N Mlotshwa and Company, read:

Despite demand being made on the 12th January, 2015, the amount remains unpaid and defendant has not disputed the debt

We hereby submit the above name (Allied Bank) for inclusion in our portfolio . . . We enclose the following copy documents: Short-term loan and 50 surety mortgage bonds. Proceed to place caveats on all the properties to safeguard the bank’s interest and proceed with the recovery process.

The minister is yet to file his response to the case. However, he is also facing legal action from 20 journalists laid off from his newspaper, the Zimbabwe Mail, which has also been closed down.

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