ENG saga finally over as all claims are settled

ENG Capital a financial institution registered in Zimbabwe was dramatically closed down in 2003-4 following spurious allegations of being under capitalised, has now fully paid out all claims according High Court records obtained by The Zimbabwe Mail. This comes as a surprise given how there were widespread allegations that ENG Capital was bankrupt. The records clearly illustrate that all payments to all the claims against ENG were met leaving excess assets that have been returned to ENG’s directors. This turn of event begs us to question the real motive behind the vilification and subsequent specification of ENG directors.

ENG Capital has proven that its assets far exceeded its liabilities and was liquid, solvent and solid and met all its creditors and liability obligations. The record laid at the High Court in HARARE in October 2009 and passed without any objections or counterclaims from any creditors. The relevant Government Gazette was published in October 2009 to confirm this.

The ruling on 15 July 2010 under case number HC 6086/09 states that -"ENG companies and Directors satisfactorily liquidated all debts past, present and future accumulated by the company"

The Master of the High Court together with the Liquidator confirmed to the court that all excess assets were return to ENG and its directors. Several of ENG Companies including Allied Conveyors PVT LTD was returned to ENG Capital shareholders and contributories. Amongst other assets returned are vehicles, kept gathering dust for 6 years at Chikurubi:

1- BMW – Z3
2- Mercedes Benz – C320
3- Mercedes Benz – C180
4- Mitsubishi RVR –SUV

Exiled former ENG Director Gilbert Muponda “I am not bitter but feel exonerated by the ruling which should now pave way for my despecification by the Zimbabwean Authorities and allow my family and I to resume a normal life. 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"