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Obert Mpofu sinking in debt

The Supreme Court has blocked the Deposit Protection Corporation (DPC)’s bid to submit fresh evidence and re-opening of a case in which it is seeking to transfer Obert Mpofu’s three companies into its name.

Mpofu is the current ZANU-PF Secretary for Administration and is also the ruling party’s most powerful politician from Matabeleland North.

This comes as the politician has been tussling with DPC – the liquidators of Allied Bank – after giving $17 mln capital guarantees to the now-defunct bank through five properties owned by Trebo and Khays, as part of payment for shares in the bank.

While DPC lawyer Sternford Moyo had approached the Supreme Court to seek permission to take over the firms, the Supreme Court dismissed the application on the basis it should have been made at the High Court or during hearings of the Supreme Court Appeal.Source – FingGaz

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