Danny Mavura Huruyadzo Biography & Profile
Danny Mavura Huruyadzo is a Zimbabwean multi-millionaire businessman who has been in the news for his involvement in various land development projects, particularly a deal which went sour and resulted in a US$65 million loss in 2023. This forced him to put local projects on hold due to the dispute with South African company, Cashfields (Pvt) Ltd. He has also been accused of defrauding an aspiring homeowner by allegedly roping them into a fake housing scheme. This biography highlights the different facets and provides a concise overview of the business career, controversies and legal disputes concerning Danny Mavura Huruyadzo.
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Age & Date of Birth
Huruyadzo’s date of birth is undisclosed in available public records.
Early Life & Education
Details regarding Danny Mavura Huruyadzo’s early life and education are not widely documented in public sources.
Business Career
Huruyadzo has been notably associated with Hibernic Energy, a company involved in various business sectors, including land development and housing schemes. His ventures have spanned both Zimbabwe and South Africa.
[Image Credit: The Standard]
Controversies
Huruyadzo has been embroiled in multiple legal disputes and controversies, impacting his business operations and public image.
Fraud Allegations – NBS Bank Housing Scheme
Danny Mavura Huruyadzo, in his capacity as the director of Hibernic Energy, faced serious accusations involving fraudulent activities related to a housing scheme linked to NBS Bank. These allegations, highlighted in a court case, shed light on a deceptive scheme purportedly selling properties that were misrepresented to potential buyers.
Deceptive Sales Practices
The case revolved around the sale of stands under the guise of the NBS Bank Housing Scheme. Huruyadzo, along with an associate, Henry Chengeta (who was at large during legal proceedings), allegedly misled individuals, particularly low-income earners, by offering housing units in Dzivaresekwa and Stoneridge areas in Harare, Zimbabwe.
Modus Operandi
Victims, like Jethro Mavangwa, were lured into believing that houses valued at US$20,000 each were available for sale under this housing scheme. To secure these properties, individuals were asked to make substantial deposit payments, ranging around US$2,350 per house, totaling US$3,000, at various locations associated with Huruyadzo and Chengeta.
False Promises and Misrepresentation
Despite receiving payments, Huruyadzo allegedly failed to allocate the promised houses to the buyers. Victims, including Mavangwa, made repeated inquiries about their property allocations but encountered false promises and unfulfilled commitments.
Discovery of Deception
The scheme’s legitimacy was eventually questioned when Mavangwa sought clarification from NBS Bank, only to discover that no such housing scheme existed. This revelation prompted him to file a police report, unveiling the fraudulent nature of the housing offers, leading to the court case against Huruyadzo and Chengeta.
Legal Proceedings
Huruyadzo, facing fraud charges, appeared before the Harare Magistrates’ Courts. The court proceedings revealed the elaborate deception orchestrated under the umbrella of Hibernic Energy, whereby individuals were defrauded of US$3,000 collectively. The matter was adjourned for subsequent hearings, with Huruyadzo remanded to reappear for routine court proceedings.
US$65 Million Loss Following Dispute with South African Partners
One of the significant controversies involving Danny Mavura Huruyadzo centred around a contentious business deal with South African-based partners, specifically Cashfields (Pvt) Ltd, triggering a prolonged legal battle and financial discord.
Background of Partnership
Huruyadzo’s Hibernic Energy previously held a substantial and enduring business partnership with Cashfields (Pvt) Ltd in South Africa, engaged in multimillion-dollar ventures before Huruyadzo’s decision to return to Zimbabwe to pursue fresh business opportunities.
Financial Disagreement
The conflict arose when claims emerged regarding substantial funds—approximately US$155 million—reportedly accrued by Huruyadzo in a South African bank during the tenure of their mutual business relationship. Herbert Woods, the managing director of Cashfields (Pvt) Ltd, initiated legal action, alleging that a significant portion of these funds rightfully belonged to their company.
Legal Proceedings
Cashfields (Pvt) Ltd, represented by Woods, approached the High Court in Zimbabwe, seeking the freezing of US$150 million held in Hibernic Energy’s South African account. Woods contended that an alleged settlement of US$5 million made to them by Huruyadzo was insufficient, demanding the freezing of the remaining amount.
In response, Huruyadzo disputed these claims, asserting full ownership of the US$150 million. He maintained that after terminating their mutual agreement, Woods had already received his share of US$5 million, thereby invalidating any further claims by Cashfields (Pvt) Ltd.
Out-of-Court Settlement
The legal confrontation and the freeze on Huruyadzo’s funds significantly impeded his business operations and prospective ventures in Zimbabwe. Ultimately, after protracted legal wrangling, Huruyadzo agreed to an out-of-court settlement, reportedly resulting in a loss of US$65 million from the originally contested sum. This decision, while reducing the financial burden, left him with a diminished amount of approximately US$90 million to allocate towards local investment projects.
Estimated Earnings & Net Worth
Huruyadzo’s estimated earnings and net worth remain unspecified in publicly available information.
References
- Newsday Zimbabwe: “Harare tycoon ‘loses’ US$65m in SA deal” by Staff Reporter, December 31, 2023
- The Herald: “Fake housing scheme director up for fraud” by Yeukai Karengezeka, October 18, 2023
- Zimbabwe Now: “Hibernic Energy director Danny Huruyadzo faces fraud charges over false sale of NBS Bank properties” by Michael Mashiri, October 17, 2023
