Three major Harare car dealers are owed a combined US$5.1 million by late businessman Wicknell Chivayo, raising questions about the financial obligations facing his estate. According to ZimLive, Faramatsi Motors is owed US$2.4 million, Exquisite Cars about US$1.4 million and Enterprise Car Sales US$1.3 millionFaramatsi Motors is owed US$2.4 million, Exquisite Cars about US$1.4 million and Enterprise Car Sales US$1.3 million. The debts are linked to credit arrangements that allowed Chivayo to collect luxury vehicles and pay for them later.
A source familiar with the arrangements told ZimLive that Chivayo usually settled the bills within three months, depending on payments from the Treasury. Exquisite Cars owner Victor Vikela declined to discuss the details, saying he would not comment “out of respect for Chivayo’s legacy, and the relationship we had.” However, he disputed the reported figures as greatly exaggerated and said whatever Chivayo owed his business “has been written off.” Faramatsi Motors owner Matsika also declined to discuss the transactions, citing client confidentiality, while Enterprise Car Sales owner Tendai Chipanga could not be reached.
The debts come as Chivayo’s family prepares to appoint an executor to administer his estate, which includes properties, business interests and luxury vehicles. ZimLive also reported that some vehicles sourced from South Africa remain stranded at the Beitbridge border post because duty had not been fully paid. Questions have also emerged over the ownership and payment status of some of Chivayo’s properties, including a mansion in Harare’s Gletwyn suburb that he agreed to buy from former police commissioner-general Augustine Chihuri for US$2.555 million in 2017. The estate’s administrators will have to establish the extent of its assets and outstanding liabilities.Chivayo Owed $5 Million For Gift Cars
Three major Harare car dealers are owed more than US$5 million by the late businessman Wicknell Chivayo.
Exquisite Cars, Enterprise Car Sales and Faramatsi Motors are together owed about US$5.1 million, according to sources.
Faramatsi Motors is owed the largest amount at US$2.4 million. Exquisite Cars is owed US$1.4 million and Enterprise Car Sales US$1.3 million.
Chivayo died with his wife Lucy in a helicopter crash near Marondera on September 30.
He built a public profile around giving away luxury vehicles and cash. His publicly declared gifts exceeded US$50 million. He claimed to have given away more than US$100 million.
Sources say he operated under open-ended credit arrangements. He took vehicles and settled bills later, typically within three months.
"Most of his income came from the government. So these payments to the car dealers followed cycles of disbursements by the treasury, and the car dealers were comfortable with their arrangement," a source said.
"Go and see Victor" became one of his familiar refrains when announcing vehicle gifts. Victor Vikela is the boss of Exquisite Cars.
Vikela declined to discuss details. He said he would not comment "out of respect for Chivayo's legacy, and the relationship we had."
He disputed the reported figures as exaggerated. He said whatever was owed "has been written off."
Faramatsi Motors owner said: "We respect and protect and abide by our client confidentiality rules. May his soul rest in eternal peace."
Enterprise Car Sales owner Madzibaba Tendai Chipanga could not be reached.
The debts show Chivayo's financial arrangements as his family prepares to appoint an executor. His estate faces a complex web of property, business interests and liabilities.
South African car dealers who released vehicles before full payment are also seeking recovery. Some vehicles remain stranded at Beitbridge because duty was not fully paid.
The liabilities raise questions about how much of Chivayo's wealth was backed by fully paid-for assets.
Chivayo held government contracts worth nearly US$1 billion through IMC Communications, Intratrek and TTM Global Medical Exports. The future of those businesses is uncertain.
He is believed to have bought a property in England valued at US$12 million days before his death. He also owned properties in Dubai, Eswatini, Johannesburg and Cape Town.
His private jet, a Gulfstream G550 valued at US$34 million, flew out of Zimbabwe on Sunday and landed in Basel, Switzerland. It is unclear who authorised its movement.
A key question is his mansion in Harare's Gletwyn suburb. It sits on four stands measuring 11.5 hectares combined.
He agreed to buy it from former police commissioner-general Augustine Chihuri in 2017 for US$2.555 million. The agreement required US$1 million upon signing and US$1.555 million balance within a year.
Transfer was to happen only after full payment. The transaction ran into difficulties over valuation.
Zimra valued the property at US$7 million for capital gains tax. The tax would be US$1.4 million. Chihuri balked at the liability as the seller.
Chivayo reportedly offered to cover the tax, but transfer was never completed.
The mansion's ownership could now become a matter for the executor. - ZimLiveThree major Harare car dealers are owed a combined US$5.1 million by late businessman Wicknell Chivayo, raising questions about the financial obligations facing his estate. According to ZimLive, FaramatsiFaramatsi Motors is owed US$2.4 million, Exquisite Cars about US$1.4 million and Enterprise Car Sales US$1.3 million. The debts are linked to credit arrangements that allowed Chivayo to collect luxury vehicles and pay for them later.
A source familiar with the arrangements told ZimLive that Chivayo usually settled the bills within three months, depending on payments from the Treasury. ...Let's hope panosara something for vana hapo ??????
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