Chiyangwa, NSSA pursue land deal

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BUSINESSMAN Phillip Chiyangwa is in the process of finalising the transfer of Nyarungu Estate (Nyarungu) to the National Social Security Authority (NSSA) after a tripartite arrangement involving his Pinnacle Property Holdings (Pinnacle) and two stricken banks, it has been learnt.
Although the self-styled empowerment crusader was coy on details of the deal ― and only confirming that “the win-win agreement had enabled him to clear off his Interfin and Tetrad bank debts” ― a September 2017 letter by the authority’s acting general manager Emerson Mungwariri shows that negotiations had been in the offing for some time.
“We would like to express interest in entering into a transaction with you, whereby NSSA will purchase the above mentioned piece of land from you, at a price to be agreed, with the proceeds going towards extinguishing your liability to Tetrad and Interfin,” he said, adding “any net proceeds over and above the amounts owed… will be paid to you on terms, and conditions to be agreed between ourselves”.