News24

European bank attaches Zim property

2010-05-16 18:00

Cape Town -  Cape Town properties belonging to the Zimbabwean government are to be auctioned in July after a European bank group, KFW Bankgruppe, also attached them along with three other Zimbabwean properties situated in Johannesburg and Pretoria.

The Cape Town properties were earlier attached by civil rights group AfriForum after the North Gauteng High Court registered and enforced a cost order of the SADC tribunal in February.

AfriForum identified the properties.

The properties will be sold by the Sheriff of Cape Town on public auction on 23 and 27 July.

KFW Bank attached the properties in order to collect a judgment debt of €40m (about R400m) by means of public auctions.

The legal representative of AfriForum, Willie Spies, welcomed the proposed auctions.

"The aim of our legal actions is to keep on pressurising the Zimbabwean government. It is of great significance that private institutions are now also becoming involved in this legal battle, thereby increasing the pressure," he said.

These latest developments also make it even more difficult for the Zimbabwean and South African governments to intervene and push the legal processes aside, Spies added.

The fact that the Zimbabwean government owes a single European debtor more than R400m, is proof of the bankruptcy of the country under the dictatorship of President Robert Mugabe, Spies said.

He added that AfriForum will continue its struggle for justice in the Southern African region.