Jaggers becomes latest victim of Zanu PF indigenisation machinations
Jaggers Wholesalers and Jaggers & Trador’s furniture and other accessories are set to go under the hammer on Thursday and Friday this week after Delta Beverages successfully sued the two companies in a bid to recover a $443 795 debt.
Delta successfully sued Jaggers Wholesalers (1st respondent) and Jaggers Trador (2nd respondent) in a case heard by Justice Lavender Makoni in October last year.
Justice Makoni ordered that “1st and 2nd defendant pay to plaintiff the amount of $443 795,79 plus interest at the rate of 16% per annum from September 1 2010 to a date of payment in full.
“1st and 2nd defendant pay plaintiff cost of suit on a legal practitioner and client scale.”
The deputy sheriff in Harare has since last week been advertising goods belonging to the two companies that are set to be auctioned to members of the public.
“Duly instructed by the deputy of Harare, we shall sell by public auction the following (see list below) to the highest bidder at Jaggers Msasa on January 21 and 22,” reads part of the advert flighted by the deputy sheriff during the course of last week.
Some of the items to be sold include fridges, freezers, ironing boards, television stands, rocking chairs, computer stands, beds, mattresses, coffee table sets, forklifts and trolleys among other goods.
Recently the High Court ordered Jaggers Wholesaler to pay $1,4 million debt it owes CBZ Bank Limited plus interest arising from a $3 million overdraft facility the company received from the bank two years ago.
Jaggers Wholesalers began experiencing problems soon after Cecil Muderede, a local businessman and farmer, acquired a controlling stake in the firm in April last year.
Muderede gained a controlling stake in the wholesale after buying out a major shareholder Metcash Africa, a South African company through his investment vehicle Borlscade Investment Pvt Ltd.
Muderede, who also took over the whole Jaggers workforce, has been failing to pay salaries on time since last year.
Last year in April the wholesale closed down 11 branches out of the 52 branches it had in the country as a cost-cutting measure.
Some of the affected branches include those in Chipinge Chitungwiza, Graniteside, Mutoko, Filabusi and Bulawayo.