CAPS Holdings property attached

THE Deputy Sheriff has attached CAPS Holdings Limited’s premises in Harare to recover US$4,4 million owed to CBZ Bank Limited.

CBZ took Caps Holdings to court after the pharmaceutical company failed to service a US$4 399 317, 72 debt.

A total of 23 vehicles have been removed from the company's headquarters along Manchester Road as per High Court judgement order.

A writ of execution was last month issued against Caps Holdings’ movable and immovable property under case number HC 12384/11.

CBZ lawyer Ephraim Mugugu of Mugugu and Associates said the Caps Holdings’ building at the premises will soon be sold “on sight”.

Justice Francis Bere entered, with Caps Holdings’ consent, judgment in favour of CBZ.

Most of the equipment and vehicles attached were said to be taken to Ruby Auctions pending an auction.

Caps was ordered to pay the money, which included interest at the

prescribed rate. The pharmaceutical company was ordered to pay US$500 000 on or before March 3, 2012.

The balance was to be liquidated in monthly installments of at least US$500 000 payable not later than the third banking day of the month.

Mugugu said Caps had not paid anything to date. “They have failed to pay a single cent since Justice Bere’s ruling,” he said.

“They took a loan and after drawing down the account, they never serviced it. To make matters worse they failed to honour the agreements we made,” he said.

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