Zim billionaire Obert Mpofu broke, Financial empire collapses

Zanu PF official and Zimbabwe government minister Mr Obert Mpofu might be in the ‘riches to rags’ category soon as he watches helplessly the spectacular fall of his once glorious vast business empire.

The pot bellied minister who  built a multi million dollar business on bank loans is facing a string of lawsuits as his creditors now want their money back.

One of Mpofu’s companies Maminza Transport is being sued by Associated Tyres (Pvt) Ltd, for $32 983,95 for tyres and services rendered between January 1 and December 21, 2013.

Worse still about 20 businesses and companies owned by Mpofu are facing imminent closure due financial issues.

These include  Trebo and Khays, Khanondo Safari and Tours, Mpofu’s Minus Restaurant, Matetsi Meats Butchery, KST Bypass fuel service station, KoMpofu Sports Bar and KoMpofu Butchery.

These developments come at a time the Labour Court is dealing with a dispute with security guards at his Moya Security firm over salary arrears. Mpofu is also involved in a legal wrangle with nearly 20 journalists from his now-defunct The Zimbabwe Mail newspaper that folded early last year after just under two years in business.

His financial institution, Allied Bank went bust a few years ago after it surrendered its operating licence due to lack of capital. He was slapped with a $16 million lawsuit for failing to surrender immovable assets to the bank’s liquidator.

The irony of all this, is that, Mpofu once bragged before a Harare judge that he was a multi million dollar man and would not stoop low to ask for bribes from poor Zimbabweans.