eBusiness Weekly
Business Writer
Two city businessmen, Nyasha Watyoka and Gilbert Muponda, have lost their bid to repossess ownership of a Harare property they lost during the liquidation of ENG Group in 2004.
Recently, the High Court reversed its earlier judgment, which restored ownership of Belgravia House to Muponda and Watyoka—a property they lost when it was sold to pay off depositors at the height of ENG’s financial troubles 19 years ago.
ENG owned the property through a vehicle called Theright Investments, which was in turn 100 percent owned by Enganein Investment, also wholly owned by ENG.
Watyoka and Muponda were principal shareholders and directors of ENG.
ENG had bought the property from one Michael Clinton in September 2003.
ENG group comprised ENG Capital and ENG Asset.
The group owned dozens of properties that were specified in terms of the Prevention of Corruption Act in May 2004 after it failed to pay the depositors on the maturity of their investments.
This was after the directors placed the group under voluntary liquidation in January 2004. Regis Saruchera, then of Camelsa was appointed the liquidator of the firm while Government also appointed him the investigator of specified persons. Enganein Investments was among the assets liquidated to pay off the creditors.
It was sold to a company called Prosdeng, which took over Theright Investments as the ultimate beneficial owner. Belgravia House was later sold to Kunze Kwayedza in 2021.
Last year, High Court Justice Owen Tagu declared that the transfer of the property to Kunze Kwayedza was “null and void” and accordingly ordered it be de-registered.
Justice Bare also ordered that the property ownership be restored to the Right Investments, thus restoring the status of the property before bought by Prosdeng.
The High Court has since rescinded Justice Bare’s order and directed the right to the ownership of the property be restored to Kunze Kwayedza.
