The Sunday Mail
MATHIAS and Mildred Company (Private) Limited is under judicial management with debts close to $731 000 expected to be cleared by next year.The company is owned by Mathias and Mildred Madzivanzira, the leaders of Mathias and Mildred Ministries.Through an agreement, Ms Pauline Mandigo of Generations Executor Services (Pvt) Ltd was appointed as the final judicial manager after the provisional phase was granted on February 17 this year.
In a case filed before the Master of High Court, claims accepted are from FBC Bank Limited which is owed $228 702,64; TelOne (Pvt) Ltd ($1 916,38); Ledger Paints (Pvt) Ltd ($8 554,17) and Tetrad Investment Bank ($491 601,74).
Creditors are expected to start receiving payment this month.
Mathias and Mildred (Pvt) Ltd supplies weighing scales, bank note counters as well as counterfeit note detecting machines.
The company had also ventured into real estate.
In addition, it has mining interests in Mutoko and Mudzi as well as milling operations in Makosa and Makaha.
On July 20, 2016; a meeting was held with the Madzivanziras and creditors in attendance. During the meeting, the provisional judicial manager’s report was tabled and a judicial manager was appointed.
“According to Ms Mandigo, the milling operations produced an estimate of 50 000-60 000 tonnes of gold dump as at 30 December 2015.
“She also highlighted that the major reasons that led the company into judicial management was the shortage of working capital, delay in completion of the CIP plant and introduction of the multi-currency system which resulted in a depressed market for bank note counters and counterfeit note detecting machines.
“She informed creditors that the company is in a net-asset positive since the total assets amount to $7 979 000 against liabilities of $1 569 222.
‘‘She also advised the meeting that she had excluded debtors from the assets,” documents seen by The Sunday Mail Religion revealed.
They go to state that Ms Mandigo presented a resuscitation plan proposing to, “1. Pay creditors using revenue from sale of stands; 2. Paying off creditors using proceeds from mining operations and to achieve this stand mills should be operated more effectively.
Revenue from stamp mills will be used to finance the completion of the plant.”
A review meeting is expected to be convened in the next six months.
