adminMore than 20 vehicles, including a Volkswagen allocated to the company’s group chief executive officer Mr Jealous Nderere, were removed from the firm’s headquarters along Manchester Road yesterday in Harare in fulfilment of a High Court judgment.
Most of the equipment and vehicles attached were taken to Ruby Auctions pending an auction.
CBZ lawyer Mr Ephraim Mugugu of Mugugu and Associates said the Caps Holdings’ building at the premises will soon be sold “on sight”.
A writ of execution was last month issued against Caps Holdings’ movable and immovable property under case number HC 12384/11.
CBZ took Caps Holdings to court after the pharmaceutical company failed to service a $4 399 317, 72 debt.
Justice Francis Bere on February 10 this year entered, with Caps Holdings’ consent, judgment in favour of CBZ.
Caps was ordered to pay the money, which included interest at the prescribed rate.
The pharmaceutical company was ordered to pay $500 000 on or before 3 March 2012.
The balance was to be liquidated in monthly instalments of at least 500 000 payable not later than the third banking day of the month.
Mr Mugugu said Caps had not paid anything to date.
“They have failed to pay a single cent since Justice Bere’s ruling,” he said.
“They took a loan and after drawing down the account, they never serviced it.
“To make matters worse they failed to honour the agreements we made.”
Mr Mugugu said all movable and immovable property will be attached.
“On the building, our client (CBZ) has a joint bond with Standard Chartered Bank and the proceeds will be shared between the two banks,” he said.
A Caps Holdings public relations official yesterday said management was too busy to entertain questions from journalists.
“We are too busy to talk to you. Even the chief executive is busy, try some other time,” the official said.
Online Reporter