HomeLocal NewsLoan shark Buyanga resigns

Loan shark Buyanga resigns


Loan shark Frank Buyanga, the director of Hamilton Property Holdings (Pvt) Ltd, has resigned as it also emerged the company was pressing ahead with its quest to sell hundreds of houses in the hands of defaulters.

According to a press statement released by the company on Wednesday, Buyanga’s resignation was with immediate effect, although it did not specify who would be taking over.

Buyanga was in the news in August after being accused of cheating about 500 people of their houses and residential stands.

He, however, insisted he did not loan money to any of his debtors, but had entered into agreements of sale with them, where they voluntarily gave up their properties for cash.

The company said although various individuals and companies who sold their properties to Hamilton Property Holdings, its subsidiaries or Buyanga made reports to the police alleging the properties were fraudulently acquired, the Attorney General’s Office had advised the company’s lawyers there was no evidence to lay criminal charges on the company.

It said an agreement was reached between the complainants, Hamilton Property Holdings (Pvt) Ltd, its subsidiaries or Buyanga through the AG’s Office, where the complainants were offered an opportunity to retain their properties if they refunded the purchase prices paid to them within the first six months from the time the agreement was brokered.

The company also said allegations arising from the unprocedural transfer of property being a fraud committed by Hamilton Property Holdings, its subsidiaries or Buyanga were unfounded as “documentary evidence was given to the Zimbabwe Republic Police and Zimbabwe Revenue Authority showing that Hamilton Property Holdings, its subsidiaries and Frank Buyanga made payments of over $250 000 to the conveyancing lawyers.”

Hamilton Property said it would go ahead with evicting those who failed to settle their debts. “In the event that the complainants fail to comply with the terms of the agreement, Hamilton Property Holdings (Pvt) Ltd, its subsidiaries or Frank Buyanga shall proceed with: a) eviction of all sellers who have refused to give Hamilton Property Holdings (Pvt) Ltd, vacant possession of the acquired properties and b) transfer and/or selling of the acquired properties,” read the statement.

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