Court victory for former ENG directors

THE High Court has ordered the release of four vehicles seized from the now defunct ENG Capital after the company cleared all its liabilities. In a judgment delivered last month, Justice Lavender Makoni ordered police to return the four top-of-the-range vehicles a Mitsubishi RVR (registration number 792-035 G), a Mercedes Benz C320 (793-669 H), a Mercedes Benz C180 (778-980 R) and a BMW Z3 (740-372 B).

Makoni ruled that officer commanding Zimbabwe Republic Police (ZRP) Criminal Investigations Department and police commissioner general Augustine Chihuri who were cited as second and third respondent respectively would “bear the costs jointly and severally, the one paying the other to be absolved”. ENG went into liquidation in 2004 and all its assets were taken over to cover its liabilities.

The ruling by Justice Makoni comes after ENG co-founder Nyasha W atyoka had approached the courts for the release of the cars on the grounds that they had not been sold to clear the debts. Watyoka, in his founding affidavit filed last year, said the liquidator (Reggie Saruchera who was cited as the first respondent) had returned one of the companies, Allied Conveyors as its assets were no longer required to pay up creditors.

“The 1st respondent (Saruchera) on the other hand had never sought to dispose of or deal with the aforesaid motor vehicles before, during or after the liquidation process. “I presume again the realisation was that it was not necessary,” Watyoka said in the affidavit.

ENG shocked the markets when it faced problems in 2004 with monetary authorities accusing directors of operating a pyramid scheme especially for its asset management arm. Formed in 2001 by Watyoka, Gilbert Muponda and Elton Chitondo, ENG had interests in various listed and unlisted companies.

Contacted to comment on the ruling Muponda said he is not bitter but felt exonerated by the ruling which should now pave way for his despecification by the authorities. “I look forward to the resumption of our business and I am naturally pleased to see that all claims have been settled with excess assets to spare. “This gives us a chance to re-launch the brand and take off from where we left off,” he said.

Muponda has in the past six years launched an intensive cyberspace war to reclaim his assets which he said had been seized by authorities. Muponda is also claiming that 309 million Century shares were illegally sold in 2004. Century was later merged with CFX. CFX was recently taken over by the cash-rich Interfin Holdings Limited. Its assets and liabilities were taken over by Interfin Banking Corporation.
BY OUR STAFF
http://www.thestandard.co.zw/business/26067-court-victory-for-former-eng-directors.html