Zimbabwe: Lafarge to Lose U.S.$320,000 Over Legacy Debt

1 November 2022

LAFARGE Cement Zimbabwe Limited (Lafarge) is set to lose over US$320,000 over a debt owed to Rubtech Machinery and Spares (Private) Limited (Rubtech).

The High Court has since issued a Writ of Execution directing the Sheriff to attach Lafarge's property to settle the debt.

"You are required and directed to attach and take into execution the movable goods of Lafarge Cement Zimbabwe Limited of Manresa, Arcturus Road, Greendale, Harare and of the same cause to be realised the sums of US$307 204, 49 together with interest thereon at prescribed rate calculated from November 16, 2020 to date of final payment, payable at the Reserve Bank of Zimbabwe (RBZ) auction rate on the date of payment... ," reads part of a Writ of Execution from the High Court registrar to the Sheriff dated October 26, 2022.

Lafarge was also ordered to pay US$14 117, 85, together with interest, to be calculated from November 16, 2020 to date of full and final payment using the RBZ auction rate as well as all the costs on an attorney-client scale.

According to the document, while Lafarge was directed to pay all the other costs and charges incurred by Rubtech, it is also set to pay taxes charged in terms of the law.

The writ of execution follows an October 25, 2022 judgement by High Court Judge, Justice Jacob Manzunzu.

In an October 27, 2022 Notice of Seizure and Attachment, the Sheriff of Zimbabwe ordered the transfer of money from Lafarge's bank account into Rubtech's bank account.

"The defendant's (Lafarge) interest in the following account... belonging to Lafarge Cement Zimbabwe Limited held at CBZ Bank Limited Msasa Branch is hereby placed under judicial attachment and the sum of US$321 322, 34 together with Sheriff costs and commission should be transferred into the Sheriff of High Court CBZ Bank Selous Branch account number... (nostro) within 48 hours of service of this notice," the notice reads.

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