HomeLocal NewsCAPS Holdings property attached

CAPS Holdings property attached

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CAPS Holdings Limited property worth millions of dollars was attached by the Deputy Sheriff on Monday following the companys failure to settle a CBZ debt amounting to $4 399 317,72.

Chief Justice Godfrey Chidyausiku issued a writ of execution dated March 12, against CAPS Holdings movable and immovable property under case number HC 12384/11.

According to the court, CBZ took CAPS Holdings to court after the latter failed to service the debt within the agreed period.

On February 10 this year, the matter was heard by Justice Francis Bere who entered judgment in favour of CBZ with CAPS Holdings consent.

Bere ruled: Defendant (CAPS Holdings) hereby consents to judgment in the sum of $4 399 317, 72 plus interest at the prescribed rate.

He further said: The sum of $500 000 shall be paid on or before March 3, 2012.

The balance shall be liquidated in monthly instalments of at least $500 000 payable not later than the third banking day of the month in which it falls due and plaintiffs (CBZ) legal practitioner is entitled to collection of commission in the sum of 5% of the capital debt, and hereby waives its entitlement to a 10% collection commission.

After CAPS Holdings failed to abide by the court order, CBZ applied for the writ of execution against property which was granted.

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