$16m NSSA Case Takes New Twist, Company Approaches High Court


Housing Corporation of Zimbabwe (HCZ), which signed a $16 million agreement with National Social Security Authority (NSSA) to build more than 8 000 housing units.

Has approached the High Court seeking an order to stop the pension funder and Zimnat Insurance Company from cancelling the agreement.
$16m NSSA Case Takes New Twist, Company Approaches High Court
$16m NSSA Case Takes New Twist, Company Approaches High Court
HCZ representatives Adam Molai, Stephen Duggan and Alec Nyatanga are accused of swindling the pension fund of $16 million in a botched housing investment deal and are reportedly still at large.

But the trio approached the High Court seeking a relief from NSSA, which wants to be reimbursed the $16 million paid by its project insurer Zimnat Insurance Company.
They approached the High Court after Zimnat wrote to them advising of the cancellation of the deal by NSSA.

In its application, HCZ cited Zimnat and NSSA as the first and second respondents and sought an order that the letter of demand issued by NSSA to Zimnat Insurance Company calling on the performance bond declared as null and void.

“The purpose of the application is to obtain an order restrain in and interdicting Zimnat from making payment to NSSA and interdicting NSSA from executing on its letter of demand or receive payment from Zimnat pursuant to the letter of demand pending finalisation of the arbitration proceedings which is currently going on,” the interim relief sought reads.

However, the same matter is being heard at the criminal courts, where Molai, Stephens and Nyatanga are being charged together with some former NSSA bosses Robin Vela and Francis Chihota, among others, who awarded them the contract to build the houses.

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