This comes as a surprise given how there were widespread allegations that ENG Capital was bankrupt. The records clearly illustrate that all payments of claims against ENG were met leaving excess assets that have been returned to ENGs directors. This turn of event begs the question as to the real motive behind the vilification and subsequent specification of ENG directors.
ENG Capital has proven that its assets far exceeded its liabilities and it met all its creditors and liability obligations. The record laid at the High Court in Harare in October 2009 was passed without any objections or counterclaims from any creditors. The relevant Government Gazette was published on November 1, 2009 to confirm this.
The ruling on July 15, 2010 under case number HC 6086/09 states that -“ENG companies and Directors satisfactorily liquidated all debts past, present and future accumulated by the company”.
The Master of the High Court together with the Liquidator confirmed to the court that all excess assets were return to ENG and its directors. Several of ENG Companies including Allied Conveyors PVT LTD was returned to ENG Capital shareholders and contributories. Amongst other assets returned are vehicles that were gathering dust for six years at Chikurubi.
Exiled former ENG Director Gilbert Muponda said: I am not bitter but feel exonerated by the ruling which should now pave the way for my despecification by the Zimbabwean Authorities and allow my family and I to resume a normal life. I look forward to the resumption of our business and I am naturally pleased to see that all claims have been settled with excess assets to spare. This gives us a chance to re-launch the brand and pick up from where we left off.”
Post published in: News