News / National
US$1,4m debt haunts Msipa's son
20 Jun 2019 at 08:01hrs | Views
THE late former Midlands governor Cephas Msipa's son, Cephas Mandlenkosi Msipa, has been hauled before the High Court by a local coal mining company, NR Barber (Pvt) Ltd, over a US$1,4 million debt accumulated four years ago.
NR Barber (Pvt) Ltd, which is under judicial management of one Antioch Kurauone, recently filed summons against Msipa, who operates a company called Coal Producers and Processors Trust of Zimbabwe. Msipa is yet to respond to the lawsuit.
According to the court papers, the coal mining firm provided mining services to Msipa's company, also known as Kondo Mine in Hwange sometime in 2015. Msipa later breached terms of the agreement, prompting the miners to approach the court for recourse.
NR Barber further indicated Msipa failed to pay the invoices as they were raised upon being due, adding that since his default, the amount raised continued to accumulate, hitting US$1 400 000.
According to the firm, it then approached Msipa, demanding payment, alleging at one point he signed an acknowledgment of debt note, though he still reneged on his promise to pay.
NR Barber (Pvt) Ltd, which is under judicial management of one Antioch Kurauone, recently filed summons against Msipa, who operates a company called Coal Producers and Processors Trust of Zimbabwe. Msipa is yet to respond to the lawsuit.
According to the court papers, the coal mining firm provided mining services to Msipa's company, also known as Kondo Mine in Hwange sometime in 2015. Msipa later breached terms of the agreement, prompting the miners to approach the court for recourse.
NR Barber further indicated Msipa failed to pay the invoices as they were raised upon being due, adding that since his default, the amount raised continued to accumulate, hitting US$1 400 000.
According to the firm, it then approached Msipa, demanding payment, alleging at one point he signed an acknowledgment of debt note, though he still reneged on his promise to pay.
Source - newsday
