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Chiyangwa, through his Pinnacle Properties company, bought
the commercial stand in 2008 for ZW$150 billion. The matter has, however, since
spilled into the High Court after Chiyangwa challenged the repossession of the
land.
According to the agreement of sale, seen by NewsDay,
Chiyangwa was supposed to build a hotel in an 18-month period failure which the
local authority would give him 10% of his purchase price and repossess the
land.
A recent full council meeting resolved that council
repossesses the land because Chiyangwa had failed to honour the agreement.
Sources at the local authority said they feared Chiyangwa
was holding onto the land for speculative purposes and could resell it,
prejudicing council of thousands of dollars after he bought it during the
hyper-inflationary era.
They said he had reneged on the agreement of sale
conditions and, thus, the council saw it fit to repossess the land.
Masvingo mayor, Collen Maboke, a lawyer by profession,
refused to comment on the matter, saying it was sub judice.
He, however, said council was re-evaluating the cost of the
commercial stand. But the flamboyant businessman, who has other land he is
developing in Harare, has since challenged the move.
The case is set to be heard at a later date. Newsday
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