BULAWAYO mogul Delma Lupepe’s three houses will go under the hammer this morning at a local hotel as three financial institutions seek to recover undisclosed monies owed by his firms.
Richard Muponde
Lupepe’s Merspin and Bernard Construction owe Premier Banking Corporation, MBCA Bank and Interfin Merchant Bank of Zimbabwe undisclosed amounts after reportedly failing to repay loans leading to a garnishing order.
An official from Bulawayo Real Estate, who refused to be named, yesterday confirmed that the auction was on.
“Yes, the auction is on tomorrow (today) at 10am at Royal Hotel,” she said. “The assurance deposit is $1 500 refundable and $10 for a bidder’s card.”
One of the properties that is due to be auctioned is an apartment the-once flamboyant Lupepe owns at Ascot’s Kenilworth Towers.
According to a notice by Bulawayo Real Estate (Pvt) Limited on behalf of the Sheriff of the High Court, Lupepe would lose his flat at No 1201 12th floor Kenilworth in Bulawayo to Premier Banking Corporation over an unspecified loan amount.
Another property, a double-storey residential house, No 73 Heyman Road in Suburbs in Bulawayo, will go under the hammer to compensate MBCA Bank after Merspin also failed to service another loan at the bank.
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The double-storey house has four bedrooms, staff buildings and a swimming pool, among other developments on the stand.
Interfin also seeks to recover a loan it extended to Merspin and Bernard Construction through the sale of another residential stand, no 295 Matsheumhlophe, Colleen Road, where Lupepe’s mother resides.
Lupepe is literally singing the blues, as his business empire is apparently crumbling. His textile company Merlin was placed under provisional judicial management for the second time in 10 years. The company was battling from low capitalisation and requires close to $1 million to revamp its operations.
Lupepe also had running battles with his employees over failure to pay salaries, with arrears as high as $300 000.
He is also embroiled in a messy five-year legal wrangle with his former employee Tendai Madzorera over a house which the former Amazulu Football club owner allegedly offered for sale, but later reneged on the agreement.
The matter is still pending at the Bulawayo High Court.
