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Makomo Resources sued over USD 3 million debt

Coal News - Published on Fri, 15 Mar 2019

Image Source: herald.co.zw
News Day reported that private Hwange coal mining firm, Makomo Resources (Pvt) Ltd, has been dragged to court by a local leasing company, African Century Limited. ACL is seeking an order to compel the miner to pay over USD 3 215 157 following a botched heavy machinery sale deal. The coal mining firm has been sued alongside its director Itayi Raymond Mutokonyi, chief finance officer Barry Nyabonda and a South Africa-based businessman, John Hendrik Swanepoel. The leasing firm issued summons at the High Court on March 7, 2019.

In its declaration ACL said on August 29 and September 27, 2018 Makomo Resources secured a lease finance facility and on the same dates entered into two separate lease agreements.

ACL said that “The material terms, therefore, being inter-alia the following; – the plaintiff (ACL) was to make available certain funds for the procurement of certain equipment namely two Liebherr 984C Excavators, one Hitach EX 2500 Excavator and one Sandivik RD007 Drill Rig.”

The firm further said in terms of the agreement, the coal miner was required to service the lease agreement by paying 12 monthly instalments of US$153 439 per month in respect of the two Liebherr Excavators and US$153 439 per month in respect of the Hitachi Excavator and 2010 Sandvik Drill Rig with effect from September 28, 2018. However, Makomo Resources failed to fulfil the terms and conditions of the agreement prompting ACL to approach the court for recourse.

Source :

Posted By : Rabi Wangkhem on Fri, 15 Mar 2019
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