The flamboyant Harare based property mogul and ZIFA president, His Excellency, Dr Philip Chiyangwa, is languishing in a 4 million dollar debt through his company, Pinnacle Holdings, a scene that is not going down well with the football family across the country, Sportbrief has learnt.
Although Chiyangwa’s initial campaigning was focused more on rescuing the cash strapped ZIFA house, revelations have it on good authority that Chiyangwa’s company is itself not financially viable, proving that he might not rescue ZIFA in any monetary way any time soon.
Last month, Chiyangwa and his businesses, Pinnacle Property Holding and Native Investment Africa, lost a case at the High Court and were ordered to pay Interfin bank $4 060 110 after failing to defend the claim.
High Court judge Justice Lavender Makoni entered a default judgment against Chiyangwa after striking off the business mogul’s appearance to defend and his plea following an application by the bank’s lawyer, Antony Chagonda.
Part of the judgement read: “Whereupon after reading the documents filed of record and hearing counsel, it is ordered that: (1) 2nd defendant’s (Chiyangwa) appearance to defend and plea be and are hereby struck off. (2) Judgment with costs on a legal practitioner and client scale and collection commission provided for under the Law Society of Zimbabwe by-laws (1982) be and is hereby entered against 2nd defendant for payment of: (a) $2 000 000 being capital; and (b) $2 000 000 being interest.
“(c) $60 110 being bank charges and (d) interest on the sum of $4 000 000 at the penalty rate of 10% per annum over and above the rate of interest applicable to 1st defendant’s (Pinnacle Property Holdings) overdraft from time to time from the date of judgment to date of full payment.”
At the moment, it remains unclear how he is going to resuscitate the financial life at house number 53 Livingston as he is in neighboring South Africa where he was invited for an Annual General Meeting of the South African Football Association.
Chiyangwa was on the day he won elections, notified about a possible ban of the Warriors if the Zimbabwe Football Association fails to pay their former coach, Saintfet, by the fourth of next month.
As if that is not enough, the Warriors’ preparation to the Rwanda 2016 CAF games are hanging in the balance amid revelations that the Association does not have enough funds to initiate proper camping facilities.
The CAF games are scheduled to start on the 16th of next month.