NSSA Threatened off⚠️ by Army From Taking Over Longchen Mall Over💸 US$15.8M Debt:🗣 Report

  |   Zimbabwe News

The National Social Security Authority (NSSA) was reportedly threatened off from taking over the Longchen Mall by Zimbabwe Defence Forces which own Fernhaven Investments.

NSSA is believed to have made a move to take over the Mall over a US$15.8 million debt default.

The recently released NSSA report suggests that Fernhaven offered the Mall as security to guarantee a loan facility that Africom (Private) Limited had contracted but was failing to repay.

The report suggests that NSSA which had a shareholding of 4.5% only was in 2013 compelled to become a guarantor of a loan facility after other shareholders including Fernhaven which owns a shareholding of 51% had continued to default payment.

When NSSA paid the money, it was entitled to the Mall which had been listed as security.

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