Breaking News

Zimbabwean businessman sues SA investor

by Staff Reporter
28 December 2018 | 1597 Views
A ZIMBABWEAN national, Ryan Chinyangare, is suing South African firm, Nkosikhona Holdings, for failing to pay him $3 million in consultancy work in securing the controversial 'CTX Project' with government earlier this year.

In May, Nkosikhona Holdings, a member of Canadian-based investment firm Magcor, signed a deal valued at $5,2 billion with Verify Engineering, a company owned by government through the Ministry of Higher and Tertiary Education, Science and Technology Development. The project entailed the production of up to eight million litres of liquid fuels per day from coal.

Chinyangare told NewsDay that he had not been paid his dues, leading to him engaging lawyers Mahuni Gidiri Law Chambers to issue a letter of demand to Nkosikhona Holdings chief executive, Jaco Immink, dated October 19, 2018.

"Our client has advised us that on or about February 1 2018, you entered into an agreement in regards to the coal-to-liquid project. The agreement stipulated that you were to pay our client the sum of $3 million upon receipt of the first droll drum, which we are advised was delivered on or about August 2018, wherein same was now entitled to receive payment," the letter reads.

"Our client has advised us that since delivery of the first droll drum he has made several demands for the settlement of the bill in question. To date the above referred amount remains outstanding despite demand for payment. Our instructions are to demand as we hereby do, payment of $3 million within seven days of receipt of this letter."

NewsDay is in possession of a copy of the signed agreement between Chinyangare and Nkosikhona Holdings, dated February 1, 2018. A Caroline Makhoro and Vimbainashe Dube acted as witnesses.

On top of the $3 million, Chinyangare is to receive 2,5% of the net profit from the project, according to the agreement.

In e-mailed responses to NewsDay, Immink confirmed that Chinyangare had provided consultancy work and that he was owed money.

"I confirm that Ryan has been an Introductory for the CTX Project at Mkwasine and not Lusulu. One of the main reasons for delay in the process. As the change of location changes the dynamics of a project," he said.

According to sources, the project was initially set for Mkwasine in Chiredzi before being moved to Lusulu in Hwange after feasibility studies had been conducted.
Immink said he received the letter of demand from Chinyangare, through his lawyers, on October 23, 2018.

"I replied and explained the status of the project and confirmed my commitment to him (I can't disclose information about the project to you as I am under a non-circumvention non-disclosure agreement) and suggested a round table for discussions, which he agreed to," he said.

"On November 19, Ryan (Chinyangare) notified me that he had dropped the lawsuit and cancelled the round table . . . screenshots attached as proof."

This paper is also in possession of chat messages exchanged between Chinyangare and Immink, where the Zimbabwe agreed to drop the lawsuit.

Chinyangare later said he had only agreed to do so out of duress and was still going forward with the lawsuit.

Zimbabwean businessman sues SA investor Ryan Chinyangare Nkosikhona Holdings

Source: NewsDay


Latest News

Rocks from mountain crush huts in Zimbabwe

by City Press | 24 March 2019 | 1841 Views

'Tax reforms to rescue debt-distressed Zimbabwe'

by Staff reporter | 24 March 2019 | 560 Views

Afreximbank grants Zimbabwe interbank forex trade loan

by Staff reporter | 24 March 2019 | 644 Views

Zimbabwe volcano fears - The Civil Protection Department (CPD) in Masv...

by Staff reporter | 24 March 2019 | 2460 Views

Mnangagwa goes Biblical: 'Zimbabwe accepts will of God'

by Staff reporter | 24 March 2019 | 977 Views

Open letter to President Mnangagwa

by Viniel Deredza | 24 March 2019 | 789 Views

Warriors ease into Afcon finals

by SuperSport | 24 March 2019 | 527 Views

Rights Commission finalising probe into Zimbabwe army crackdown - THE ...

by Staff reporter | 24 March 2019 | 143 Views

3 lawyers banned from practising - THREE lawyers have been banned from...

by Staff reporter | 24 March 2019 | 533 Views

Jabulani Sibanda to bounce back?

by Staff reporter | 24 March 2019 | 748 Views

Questions over Mnangagwa's choice of advisors - ON three occasions, Pr...

by Staff reporter | 24 March 2019 | 216 Views

Potraz board okays tariff increases

by Staff reporter | 24 March 2019 | 184 Views

Horror Cyclone destruction trail unravels - THE human toll of Cyclone ...

by Staff reporter | 24 March 2019 | 120 Views

LIVE: Zimbabwe vs Congo Brazzaville

by Staff reporter | 24 March 2019 | 3438 Views

Zimbabwe debt should be audited - ZIMBABWE should not rush to pay its ...

by John Kachembere | 24 March 2019 | 794 Views

Zimbabwean couple hijacked in Durban, wife missing since Monday - A Zi...

by Staff reporter | 24 March 2019 | 3677 Views

Mnangagwa's days numbered

by Staff repo | 24 March 2019 | 7837 Views

Zimbabwean man dies during sex with SA mistress - A  67- year-old...

by Staff reporter | 24 March 2019 | 3527 Views

Zimbabwean company donates laptops to needy SA varsity students - Zoro...

by African News Agency (ANA) | 24 March 2019 | 1019 Views

Gweru prophet sets up school of spiritual gifts - Gweru-born Prophet G...

by Staff reporter | 24 March 2019 | 474 Views

Potraz brings toll free platforms to rural folk

by Staff reporter | 24 March 2019 | 161 Views

Mnangagwa pledges support for Gukurahundi victims

by Staff reporter | 24 March 2019 | 399 Views

Zimbabwe banks must support the interbank trading - THE interbank mark...

by Andrew Lampard | 24 March 2019 | 261 Views

Robbing the poor in the name of patriotism - The post-Robert Mugabe ad...

by Tawanda Majoni | 24 March 2019 | 218 Views

'Using Air Zimbabwe will pose logistical problems for Mnangagwa' - Dep...

by Staff reporter | 24 March 2019 | 404 Views


Andy Muridzo promises new album

by Simbarashe Sithole | 18 March 2019 | 308 Views

Kwejani band is back! - AFTER an eight-year hiatus, Victoria Falls' su...

by Staff reporter | 13 March 2019 | 1189 Views

Moyo revives Pantsula genre

by Staff reporter | 10 March 2019 | 464 Views

Majaivana's sad farewell

by Bruce Ndlovu | 10 March 2019 | 6756 Views

Nceku shifts base to SA

by Staff reporter | 09 March 2019 | 826 Views

Baba Harare abandoned by band members - Jit musician, Baba Harare has ...

by Staff reporter | 04 March 2019 | 2050 Views

Winky D pays the price

by Staff reporter | 03 March 2019 | 5516 Views