News / National
Fawcett Security ranted High Court order to attach Ziscosteel property
28 Mar 2013 at 04:35hrs | Views
KWEKWE - One of the country's leading private security firms, Fawcett Security Operations, has been granted a High Court order to attach property belonging to troubled iron and steel making company, Ziscosteel, over a $10 000 debt.
The order (HC120/2013) was granted by the High Court sitting in Bulawayo on February 12. The case is over a capital debt of $10 545 owed to Fawcett. The security company was represented by lawyers from Coghlan and Welsh law firm.
According to court documents shown to NewsDay this week, the writ of execution was served to Ziscosteel company secretary on March 25 when the deputy sheriff attempted to attach movable property at Ziscosteel's main plant in Redcliff.
The Deputy Sheriff Energy Pedzera, however, failed to attach the property after the secretary is reported to have told him that Ziscosteel was now a shell with no property.
"We have been told that all the property now belongs to New Zimsteel and we could not attach anything at the moment, but we will be going back after getting further details on the situation at Ziscosteel," said Pedzera.
The government of Zimbabwe, being the major shareholder of Ziscosteel with a 60% stake, entered into a $750 million deal with Essar Africa Holdings to buy the struggling company.
The deal saw the debt-ridden Ziscosteel transforming into New Zimsteel although operations are yet to commence because of wrangling over the finer details of the deal.
The order (HC120/2013) was granted by the High Court sitting in Bulawayo on February 12. The case is over a capital debt of $10 545 owed to Fawcett. The security company was represented by lawyers from Coghlan and Welsh law firm.
According to court documents shown to NewsDay this week, the writ of execution was served to Ziscosteel company secretary on March 25 when the deputy sheriff attempted to attach movable property at Ziscosteel's main plant in Redcliff.
The Deputy Sheriff Energy Pedzera, however, failed to attach the property after the secretary is reported to have told him that Ziscosteel was now a shell with no property.
"We have been told that all the property now belongs to New Zimsteel and we could not attach anything at the moment, but we will be going back after getting further details on the situation at Ziscosteel," said Pedzera.
The government of Zimbabwe, being the major shareholder of Ziscosteel with a 60% stake, entered into a $750 million deal with Essar Africa Holdings to buy the struggling company.
The deal saw the debt-ridden Ziscosteel transforming into New Zimsteel although operations are yet to commence because of wrangling over the finer details of the deal.
Source - NewsDay
