News / Local
Delma Lupepe's woes continue to mount, banks swoop on his houses
28 Oct 2013 at 22:15hrs | Views
BULAWAYO mogul Delma Lupepe's woes continue to mount after banks swooped on four of his other houses after two properties were auctioned four months ago to cover undisclosed debts owed by his companies.
In July, the deputy sheriff attached three of his houses, No 73 Heyman Road in Suburbs, 295 Colleen Road, Matsheumhlope - where his mother stays - and a flat 1201, 12th Floor, Kenilworth, at Ascot.
The Suburbs property and the flat were auctioned by Bulawayo Real Estate for a combined total of $108 000.
The Matsheumhlope house was spared after the attachment was withdrawn.
Three financial institutions, Premier Banking Corporation, MBCA Bank and Interfin Merchant Bank of Zimbabwe had attached the properties seeking to recover debt owed to them.
Bulawayo Real Estate yesterday flighted another advert giving notice of an auction for four of Lupepe's houses to recover an undisclosed amount his company, Merspin Limited, owes the three financial institutions.
The properties going under the hammer on Friday are No 72A Park Road and 11 Pauling Road in Suburbs respectively, 4 Bunting Close, Burnside, and a Flat 209 Arlington Court in Ascot, on Friday November 8.
Lupepe's woes have been piling over the past three years as he was taken to court in 2011 by Old Mutual Property Investments Corporation over a $450 000 debt after his companies Zimbabwe Express Services Limited and Merspin failed to pay rentals.
He also had running battles with employees over his failure to pay salaries, with arrears accruing to more than $300 000.
The former Amazulu Football Club owner has attributed the failure of his businesses to the difficult operating environment, particularly in Bulawayo.
Lupepe was once counted among the richest Zimbabweans with interests in mining and manufacturing.
The collapse of his business empire is a huge contrast to the flamboyance he once exuded, splashing on luxuries and trinkets.
In 2009 Lupepe married medical doctor Abigail Mabaleka at a colourful ceremony held at the Seventh Day Adventist church in Selbourne Park whose construction he financed.
The elegant wedding was attended by high profile figures, including the late Vice-President Joseph Msika, retired colonel Tshinga Dube and tycoon Dinesh Naran, among others.
Lupepe once revealed that despite having several houses, he was living at the Holiday Inn as testament to his riches.
He would fly on private jets from Bulawayo to Johannesburg, South Africa, on shopping trips.
He also used to boast about his collection of expensive cars and was not shy to open up his garage for reporters to marvel at them.
Efforts to get a comment from Lupepe were fruitless as his mobile phone was unreachable.
In July, the deputy sheriff attached three of his houses, No 73 Heyman Road in Suburbs, 295 Colleen Road, Matsheumhlope - where his mother stays - and a flat 1201, 12th Floor, Kenilworth, at Ascot.
The Suburbs property and the flat were auctioned by Bulawayo Real Estate for a combined total of $108 000.
The Matsheumhlope house was spared after the attachment was withdrawn.
Three financial institutions, Premier Banking Corporation, MBCA Bank and Interfin Merchant Bank of Zimbabwe had attached the properties seeking to recover debt owed to them.
Bulawayo Real Estate yesterday flighted another advert giving notice of an auction for four of Lupepe's houses to recover an undisclosed amount his company, Merspin Limited, owes the three financial institutions.
The properties going under the hammer on Friday are No 72A Park Road and 11 Pauling Road in Suburbs respectively, 4 Bunting Close, Burnside, and a Flat 209 Arlington Court in Ascot, on Friday November 8.
Lupepe's woes have been piling over the past three years as he was taken to court in 2011 by Old Mutual Property Investments Corporation over a $450 000 debt after his companies Zimbabwe Express Services Limited and Merspin failed to pay rentals.
He also had running battles with employees over his failure to pay salaries, with arrears accruing to more than $300 000.
Lupepe was once counted among the richest Zimbabweans with interests in mining and manufacturing.
The collapse of his business empire is a huge contrast to the flamboyance he once exuded, splashing on luxuries and trinkets.
In 2009 Lupepe married medical doctor Abigail Mabaleka at a colourful ceremony held at the Seventh Day Adventist church in Selbourne Park whose construction he financed.
The elegant wedding was attended by high profile figures, including the late Vice-President Joseph Msika, retired colonel Tshinga Dube and tycoon Dinesh Naran, among others.
Lupepe once revealed that despite having several houses, he was living at the Holiday Inn as testament to his riches.
He would fly on private jets from Bulawayo to Johannesburg, South Africa, on shopping trips.
He also used to boast about his collection of expensive cars and was not shy to open up his garage for reporters to marvel at them.
Efforts to get a comment from Lupepe were fruitless as his mobile phone was unreachable.
Source - southerneye
