News / National
Zanu-PF MP lives luxury lifestyle, fails to pay debts
16 Oct 2024 at 15:10hrs | Views
Despite his ongoing development of a US$5 million rural shopping complex at Skuta Business Centre along the Bulawayo-Masvingo highway in Filabusi, Zanu PF Insiza North MP Farai Taruvinga is facing legal troubles due to allegations of neglecting his financial obligations. The gold baron, who is also known for his luxurious lifestyle, including owning a fleet of high-end vehicles such as a Rolls Royce and a Bentley, is being taken to court by Bulawayo gold buyer Shasha Richard Gomez.
According to the NewsHawks, the dispute centers on a substantial debt owed to Gomez and his firm, Yellow Carriage Investments, amounting to 42,637.23 kilograms of gold, initially valued at US$1.298 million but now worth approximately US$3.626 million due to current bullion market prices. Court documents, specifically the High Court summons dated June 7, 2024, outline the case against Taruvinga and his fellow director, Sylvester Kamupangu, at Trade Rivers Investments (trading as Progress Mine).
In 2021, Yellow Carriage Investments extended a loan of US$1.7 million to Trade Rivers Investments for its mining operations. The repayment agreement stipulated that Trade Rivers would return the loan amount with gold concentrate totaling 50,185.62 kilograms. However, by December 2021, Trade Rivers had only delivered 7,548 kilograms of gold, valued at US$401,940 at the time, leaving a remaining balance of 42,637.23 kilograms.
Despite the gold now being valued at over US$3.6 million, Taruvinga and his business associates have reportedly failed to fulfill their repayment obligations. The High Court case, registered as HCBC787/24, highlights the ongoing financial strain and legal challenges faced by the prominent gold dealer.
As the situation unfolds, questions arise regarding Taruvinga's financial practices and his ability to manage his wealth effectively while balancing the responsibilities of public service and business dealings. The outcome of the legal proceedings may have significant implications for Taruvinga's business operations and political career.
According to the NewsHawks, the dispute centers on a substantial debt owed to Gomez and his firm, Yellow Carriage Investments, amounting to 42,637.23 kilograms of gold, initially valued at US$1.298 million but now worth approximately US$3.626 million due to current bullion market prices. Court documents, specifically the High Court summons dated June 7, 2024, outline the case against Taruvinga and his fellow director, Sylvester Kamupangu, at Trade Rivers Investments (trading as Progress Mine).
In 2021, Yellow Carriage Investments extended a loan of US$1.7 million to Trade Rivers Investments for its mining operations. The repayment agreement stipulated that Trade Rivers would return the loan amount with gold concentrate totaling 50,185.62 kilograms. However, by December 2021, Trade Rivers had only delivered 7,548 kilograms of gold, valued at US$401,940 at the time, leaving a remaining balance of 42,637.23 kilograms.
Despite the gold now being valued at over US$3.6 million, Taruvinga and his business associates have reportedly failed to fulfill their repayment obligations. The High Court case, registered as HCBC787/24, highlights the ongoing financial strain and legal challenges faced by the prominent gold dealer.
As the situation unfolds, questions arise regarding Taruvinga's financial practices and his ability to manage his wealth effectively while balancing the responsibilities of public service and business dealings. The outcome of the legal proceedings may have significant implications for Taruvinga's business operations and political career.
Source - online
