News:Minister Moyo loses property over $1,5 million debt

<vote /> The High Court sheriff last Friday raided the home of Deputy Minister of Mines and Mining Development, Fred Moyo to attach property worth thousands of dollars after he and fellow directors of a mining firm failed to settle a $1,5 million debt.

Moyo and 3 fellow directors stood surety to Stanbic Bank Zimbabwe Limited for a $765 000 loan now payable with interest and other charges almost matching the principal. The money was advanced to OX Mining Private Limited a company which the Deputy Minister is a director. When OX Mining failed to settle the debt, Stanbic sued the company and its directors.

On Friday the Sheriff of the High Court went to Moyo's house on Quinnington Road, and attached almost all movable property in sight including a Ford Ranger T6 and a Nissan Hardbody. The property was attached in the presence of Moyo's wife.

Read full story on The Herald


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