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ENG able to settle debts

Dumisani Muleya

THE collapsed ENG Capital Asset Management has assets that could be sufficient to settle its debts and pay all creditors, it emerged yesterday.

FONT face=”Verdana, Arial, Helvetica, sans-serif”>Sources said the ENG provisional liquidator, Reginald Saruchera of Camelsa Chartered Accountants, was compiling an inventory of the firm’s assets to ascertain their value. Evaluators have been appointed to put a price tag on the assets in preparation for liquidation.

It is understood the information on ENG properties would be used next week by lawyers when they make another attempt to secure bail for the firm’s jailed directors, Nyasha Watyoka and Gilbert Muponda. The two were arrested last month and charged with fraud involving over $60 billion. It was said their financial commitments to investors and creditors amounted to over $100 billion.

Information obtained by the Zimbabwe Independent yesterday shows that ENG had a number of properties. The preliminary value of the assets was estimated at $235 billion although the figure could be much less after the current evaluation as some of the assets were overvalued.

ENG properties include companies, real estate and motor vehicles. ENG-owned Thaine Building valued at $20 billion, Belgravia House ($4,5 billion), Athanasia Court ($5 billion), three Meyrick Park flats ($1 billion), and three mansions altogether valued at $1,9 billion. But an estate agent yesterday said some of the buildings were overvalued.

ENG also owned other companies such as Allied Conveyors valued at $20 billion, Rest Insurance Group, which incorporates Care Insurance Brokers, Restcel Insurance, Hornet Re-insurance, and Pearl Pension Fund Administrators, all valued at $100 billion, Amalgamated Health Services ($1 billion) and Hybri Trading ($2,5 billion).

Sources however said the value of the insurance group was overestimated because Restcel failed to start business this month as planned.

ENG also owned more that 30 motor vehicles valued at billions of dollars. It had a variety of BMWs such as X5s, Z4s and 330Ds worth over $3 billion, different makes of Mercedes Benz cars such as the Kompresor C200, C320 and ML 320 valued at close to $2 billion, a Cayenne Porsche which cost $1,2 billion, several Nissan Wolfs valued at just under $1 billion and many other cars all estimated at $2 billion.

The vehicles altogether are valued at over $10 billion.

In addition, ENG had securities worth billions. It had debentures ($5 billion), bank acceptances ($21 billion), treasury bills ($27 billion), 29 000 000 First Mutual Life shares valued at $2,8 billion, and various other shareholdings estimated at $15 billion.

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