BUSINESSMAN Patterson Timba and Harare East MP, Terrence Mukupe’s affluent properties in the northern suburbs are set to go under the hammer for failure to settle unspecified debts with financial institutions as the economy continues on a tailspin.
BY PAIDAMOYO MUZULU
The development came as financial institutions try to recover what they were owed, as the economy continues to contract amid the ongoing liquidity crunch.
Banks have issued foreclosure notices on the two businessmen.
Foreclosure is a legal process in which a lender attempts to recover the balance of a loan from a borrower, who has stopped making payments to the lender, by forcing the sale of the asset used as the collateral for the loan.
Choruma Marais under instruction from the Sheriff of the High Court has advertised the properties will go under the hammer on Friday August 4, 2017 at Raylton Sports Club in Harare.
Timba is set to lose his Borrowdale house to Afre Corporation for an unspecified debt.
“The defendant’s right and interest in certain undivided one half share in certain piece of land situate in the district of Salisbury called Lot 2 of Brooke Estate also known as No 69 Hawkshed Road, Borrowdale, Harare measuring 1,6480 ha. Improvements: brick under tiles, assumed 4 bedrooms (main ensuite), lounge/dining, kitchen, bath, toilet, passage and cottage,” Choruma Marais said in their notice.
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On the same date, Mukupe, four-bedroomed house in Glen Lorne will also be auctioned after he failed to settle a debt with FBC Bank.
“The defendant’s right and interest in a certain piece of land situate in the district of Salisbury called Stand 293 Glen Lorne Township 6 of Glen Lorne measuring 8 529 square metres also known as 293 Combe Road, Glen Lorne. Improvements: brick under asbestos double story, 4 bedrooms, lounge, dining, kitchen, pantry, 3 roomed domestic quarters,” the notice read.
All in all on that same date, Choruma Marais will auction 37 properties on behalf of financial institutions that include, POSB, BancABC, Barclays Bank of Zimbabwe, CBZ, AgriBank, Stanbic and Kingdom Bank Africa.
