News / Local
Chiyangwa ordered to pay back $4 million loan
24 Nov 2015 at 03:32hrs | Views
The High Court has ordered Philip Chiyangwa to pay back a loan advanced to his Pinnacle Properties Holding by the collapsed Interfin Bank and interest charges all adding up to $4 million.
According to court papers seen by The Source, the bank which is under liquidation extended a credit facility of $2 million to Chiyangwa's Pinnacle Properties Holdings in April 2011 which has since attracted an interest of $2million.
Pinnacle Properties Holdings, Chiyangwa and Native Investment Africa are cited as First, Second and Third defendants respectively.
"First defendant defaulted on making due and punctual payment under the agreement and has not paid anything towards liquidation of the debt and the total outstanding amount under the agreement is $4,060,110. The first defendant acknowledged liability of the outstanding amount on the 9th of September 2013," the papers read.
In an order issued last Thursday, High Court Justice Lavender Makoni struck off Chiyangwa's appearance to defend and plea.
The Source
Source - The Source
