Commercial Farmers' Union of Zimbabwe

Commercial Farmers' Union of Zimbabwe

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Over US$1m RBZ assets to go under the hammer

Over US$1m RBZ assets to go under the hammer

By Pindai Dube
Monday, 09 May 2011 17:17

HARARE – Reserve Bank of Zimbabwe (RBZ)’s property worth over US$1 million 
will be auctioned in Bulawayo by Ruby Auctions on Wednesday in a bid to 
recover an outstanding debt owed to Seedco International Company.

The debt with Seedco, a company which specialises in farming implements, 
stems from  the supply of farming equipment that was delivered  to the 
central bank in 2007 when it was running the farming mechanisation 

Efforts to get a comment from RBZ officials and the Minister of Finance 
Tendai Biti were not successful yesterday.

Biti and officials from the Attorney General’s office have in the past said 
it is illegal to auction RBZ assets as they were considered to be state 

According to a public notice published on Sunday, Ruby Auctions is under the 
instruction of Deputy Sheriff of Harare to sell the farming equipment that 
is lying idle at the National Railways of Zimbabwe yard in Bulawayo.

“Duly instructed by the Deputy Sheriff of Harare, we shall sell by public 
auction the assets to the highest bidder at Astra Yard, National Railways of 
Zimbabwe Bulawayo-Grain siding on Wednesday,” said Ruby auction in the 

The assets to be auctioned include 20 945 harrows, 54 planters 1639 
cultivators, 1516 scotch carts, 537 scotch carts boxes, 2 ploughs and 1277 
knap sprayers.

The auction of the RBZ equipment was once stopped in June following a 
directive from cabinet.

In 2009 the High Court also ordered the RBZ property to be attached after it 
failed to settle a US$2,1million debt with Farm Tech spares and implements 

The RBZ fortunes nose-dived soon after the dollarisation of the economy when 
the country stopped using the Zimbabwe dollar.


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