Business / Companies
Hwange Colliery property attached
05 Jan 2016 at 05:39hrs | Views
HWANGE Colliery Company had property worth $2 million attached yesterday after it failed to pay for the installation and use of software in breach of contracts the company signed with three software providers.
The Messenger of Court yesterday attached office furniture which included desks, cabinets, office chairs, computers and computer accessories at HCC's office in Harare towards settlement of the debt.
Three software companies, Ventyx International (Proprietary) Limited, ABB South Africa (Proprietary) Limited and ABB Technology Limited obtained writ of execution against HCC for the recovery of $1 982 208,13 together with interest at five percent per annum calculated from June last year.
This follows a summary judgment dated November which ordered HCC to settle its debts with the three companies.
"You are required and directed to attach and take into execution the movable goods of Hwange Colliery Company Limited, of 7th Floor Coal House Nelson Mandela Avenue Harare and 95 Robert Mugabe Way Bulawayo and 1 Coronation Drive Hwange and cause to be realised the sum of $1 982 208,13 together with interest thereon at the prescribed rate of five percent per annum calculated from June 19 2015 to the date of final payment and Collection Commission on the amounts in accordance with Law Society Tariff, costs of suit on a legal practitioner and client scale . . . ," court documents said.
Ventyx Limited is a company incorporated in Australia while ABB South Africa is incorporated in South Africa and ABB Technologies in Switzerland.
Court papers say that the latest action came after HCC failed to honour a Deed of Settlement it entered into with the three companies which bound the coal company to pay in full in seven monthly instalments.
"The respondent (HCC) failed to make payment in terms of the Deed of Settlement and only made a single partial payment of $94 302,00 towards the first instalment and has since defaulted on the payment of the balance due," court papers said.
The Deed of Settlement shows that HCC and the three software companies agree that the coal company was to make two instalments in 2014 of $111 017,00 by November 30 and $94 492 by December 31.
HCC committed to pay another instalment of $94 492 in January 2015, with the balance of $711 903,15 to be paid in four equal monthly instalments of $177 975,78 until May last year.
The companies said despite demand and repeated undertakings HCC has failed to pay the debt in accordance with its obligations under the Deed of Settlement.
The Messenger of Court yesterday attached office furniture which included desks, cabinets, office chairs, computers and computer accessories at HCC's office in Harare towards settlement of the debt.
Three software companies, Ventyx International (Proprietary) Limited, ABB South Africa (Proprietary) Limited and ABB Technology Limited obtained writ of execution against HCC for the recovery of $1 982 208,13 together with interest at five percent per annum calculated from June last year.
This follows a summary judgment dated November which ordered HCC to settle its debts with the three companies.
"You are required and directed to attach and take into execution the movable goods of Hwange Colliery Company Limited, of 7th Floor Coal House Nelson Mandela Avenue Harare and 95 Robert Mugabe Way Bulawayo and 1 Coronation Drive Hwange and cause to be realised the sum of $1 982 208,13 together with interest thereon at the prescribed rate of five percent per annum calculated from June 19 2015 to the date of final payment and Collection Commission on the amounts in accordance with Law Society Tariff, costs of suit on a legal practitioner and client scale . . . ," court documents said.
Court papers say that the latest action came after HCC failed to honour a Deed of Settlement it entered into with the three companies which bound the coal company to pay in full in seven monthly instalments.
"The respondent (HCC) failed to make payment in terms of the Deed of Settlement and only made a single partial payment of $94 302,00 towards the first instalment and has since defaulted on the payment of the balance due," court papers said.
The Deed of Settlement shows that HCC and the three software companies agree that the coal company was to make two instalments in 2014 of $111 017,00 by November 30 and $94 492 by December 31.
HCC committed to pay another instalment of $94 492 in January 2015, with the balance of $711 903,15 to be paid in four equal monthly instalments of $177 975,78 until May last year.
The companies said despite demand and repeated undertakings HCC has failed to pay the debt in accordance with its obligations under the Deed of Settlement.
Source - the herald
