Homelink (Pvt) Ltd, formed by the Reserve Bank of Zimbabwe (RBZ) to harness foreign currency from Zimbabweans in the Diaspora, could have been fleeced of millions of dollars it advanced to home-seekers over the past few years.
The firm is now battling to recover the millions of dollars and British pounds, which were expected to be loaned to Diasporans for building their houses but was reportedly loaned to some locals on the pretext that they would make monthly instalments to Homelink.
The institution has engaged the services of at least five law firms to help recover the money used to buy properties around the country.
Homelink general manager for mortgages and property management Sandra Bosha on Thursday confirmed the development saying:
“Please note that we are not taking people to court. We are following through the standard procedure of claiming funds that we are owed on non-performing loans.
“We have clients that have defaulted and we need to recover the balances outstanding. This is normal procedure in the mortgage industry where legal action is taken against the person who has failed to pay (breach of contract).
“In this case our lawyers initiated a demand of the balance outstanding on the loan. This is what we are claiming from the clients.”
However, one lawyer whose Harare-based law firm has also been engaged by Homelink, said the institution was owed a lot of money and the debtors were reluctant to pay back.
It was not clear why the debtors were refusing to repay the loans, but NewsDay understands thousands of beneficiaries across the country were not able to make repayments because of the huge sums involved.
The institution has resorted to take the alleged defaulters to court. The lawyer said several urgent court applications had been filed at the High Court in a desperate bid to recover the substantial amounts owed in unpaid loans.
Among the several people taken to court are Promise Nhanga of Harare and Richard Mutsa Kanyangu of Newhaverst in Nyanga, Manicaland.
Nhanga is alleged to have received money to buy a property in Avondale West while Kanyangu allegedly got money to purchase a residential stand in Nyanga.
Homelink has taken the two to court demanding a total of £110 000 they got to buy the two properties in Harare and in Nyanga.
Homelink is demanding £68 385, 48 and £42 742,21 from Nhanga and Kanyangu respectively for money advanced to them through mortgage bonds in April 2009 and March 2006.
Through its lawyers Mawere and Sibanda Legal Practitioners Homelink said it advanced and secured a mortgage bond of £68 385, 48 to Nhanga in April last year.
The money was meant to buy a property in Avondale.
Nhanga allegedly bought stand number 357 Avondale West of Lot 21 Block D under bond number 3139/2009 and the property was registered under Deed of Transfer 1710/06.
Nhanga allegedly agreed to pay instalments in foreign currency free of bank exchange or other charges.
Homelink is now accusing Nhanga of failing to pay his instalments and interests.
Homelink wants £68 000 plus interest of £385,48 or alternatively the court to give an order to allow execution of stand number 357 of Lot 21 Block D, Avondale West.
Homelink is also demanding that Kanyangu pays £39 285, 08 it gave him to buy a stand in Nyanga.
The stand was purchased and registered under Deed of transfer number 800/2006.
Kanyangu’s mortgage bond was number 1538/2006.
Homelink wants £45 866,21 that has accrued including interest or alternately an order to allow the execution of Kanyangu’s property.
High Court judge Justice Yunus Omarjee is expected to preside over the matter.
Homelink was a concept project initiated by the RBZ at the height of the Zimbabwe crisis with the aim of reaching out to Zimbabweans living abroad to invest home.
Its main thrust was facilitating money transfer and investment needs of Zimbabweans living abroad.