News / National
Philip Chiyangwa off the hook for now
04 Apr 2012 at 03:58hrs | Views
CBZ Bank Limited yesterday withdrew a US$8 million claim filed at the High Court against Pinnacle Property Holdings after an out of court settlement between the parties.
Pinnacle Property Holdings directors Mr Philip Chiyangwa, Mr Edmund Chiyangwa and Mr Bruce Chiyangwa had been cited as defendants in the lawsuit. The company, according to CBZ's application, got a loan from the bank in 2010 but did not pay back within the agreed time frame.
CBZ Bank Limited yesterday filed a notice of withdrawal at the High
Court following talks between the parties.
"Be pleased to take notice that the plaintiff hereby withdraws the main claims instituted in the above matter on February 24 2012 with each party bearing its costs," the notice read.
CBZ's lawyer Mr Ephraim Mugugu of Mugugu and Associates confirmed the withdrawal saying the parties had settled the matter.
"Yes, CBZ has withdrawn the matter. The case was settled last week between Pinnacle and my clients. It was settled last week but it is only that the paperwork to that effect by then had not been concluded," Mr Mugugu said.
The summons were filed at the High Court in February this year.
Pinnacle Property Holdings directors Mr Philip Chiyangwa, Mr Edmund Chiyangwa and Mr Bruce Chiyangwa had been cited as defendants in the lawsuit. The company, according to CBZ's application, got a loan from the bank in 2010 but did not pay back within the agreed time frame.
CBZ Bank Limited yesterday filed a notice of withdrawal at the High
Court following talks between the parties.
"Be pleased to take notice that the plaintiff hereby withdraws the main claims instituted in the above matter on February 24 2012 with each party bearing its costs," the notice read.
CBZ's lawyer Mr Ephraim Mugugu of Mugugu and Associates confirmed the withdrawal saying the parties had settled the matter.
"Yes, CBZ has withdrawn the matter. The case was settled last week between Pinnacle and my clients. It was settled last week but it is only that the paperwork to that effect by then had not been concluded," Mr Mugugu said.
The summons were filed at the High Court in February this year.
Source - TH
