News / National
Kukura Kurerwa empire crumbles
17 Nov 2018 at 01:33hrs | Views
Former transport powerhouse Kukura Kurerwa is set to lose its fleet of buses and haulage trucks at a liquidation auction sale scheduled for next week. The auction will be conducted on November 23 at Hammer and Tongues in Harare.
The auction comes after former employees obtained a writ of execution to attach the property to recover over $442 000 in unsettled salaries and terminal benefits.
The workers, through the National Employment Council (NEC) for the Transport Industry, successfully registered the Labour Court judgment before Justice David Mangota in June this year.
The writ of execution was subsequently granted on July 26, paving way for the attachment of the property. The debt-ridden transport company owed its creditors in excess of $2 million, which it failed to settle on top of $1,6 million plus interest borrowed from a local financial institution.
In August, the company's director Mr Patrick Nyariri approached the High Court seeking to have the company placed under liquidation. This was after Mr Nyariri had petitioned the court seeking an order for the firm's winding up in terms of Section 206 of the Companies Act on the basis that the shareholders had held an extraordinary general meeting and passed a special resolution for the move.
The auction comes after former employees obtained a writ of execution to attach the property to recover over $442 000 in unsettled salaries and terminal benefits.
The writ of execution was subsequently granted on July 26, paving way for the attachment of the property. The debt-ridden transport company owed its creditors in excess of $2 million, which it failed to settle on top of $1,6 million plus interest borrowed from a local financial institution.
In August, the company's director Mr Patrick Nyariri approached the High Court seeking to have the company placed under liquidation. This was after Mr Nyariri had petitioned the court seeking an order for the firm's winding up in terms of Section 206 of the Companies Act on the basis that the shareholders had held an extraordinary general meeting and passed a special resolution for the move.
Source - the herald
