TINASHE MAKICHI
Insurance firm, Evolution Group Limited, has lost property after a Zambian-based lender obtained a writ of executive to recover US$150 000 (ZWL $12.6m), Business Times has established.
The attachment of the property could significantly expose local policyholders as insurance firms use property as assets.
Business Times can report that Pan African Building Society recently got a judgement at a Zambian High Court against Evolution Group Limited.
The Zambian lender then obtained a writ of execution from the High Court of Zimbabwe, resulting in the attachment of Evolution property at its head office.
Evolution Group Limited operates several subsidiaries including Evolution Insurance Company and Evolution Health and Life Assurance which offers life, funeral and health products. The group is one of the significant insurance players in the market.
Business Times can report that following the attachment of the property, Madzima, Chidyausiku Musera Legal, the lawyers of Pan African Building Society were notified that the property attached belonged to different companies.
According to an interpleader notice filed by Banda, Nzarayapenga and Partners, three companies were disputing the process citing wrong attachment of the property.
These are Candrina Investments, Evolution Health and Life Assurance Company and Evolution Insurance Company Pvt Limited.
“There are three companies claiming ownership of part of the property attached by the Sheriff and we have since notified Pan Africa Building Society over these claims,” Banda, Nzarayapenga and Partners said.
Pan African Building Society was, in 2019, put under compulsory liquidation by the Bank of Zambia. The struggling financial institution was found to be insolvent as defined by the Banking and Financial Services Act.
