News / National
Supa Mandiwanzira sued over $317 000 debt
01 Nov 2018 at 05:43hrs | Views
Westlake International Finance Limited has petitioned the High Court seeking an order to compel former Information and Communication Technology minister, Supa Mandiwanzira, to settle a $317 166 debt in high interest loans to a company owned by the MP for Nyanga South over six years ago.
The micro finance institution filed summons at the High Court on October 29 through its lawyers, Gill, Godlonton and Gerrans, citing Mandiwanzira and Florence Erina Ziumbe — a lawyer and businesswoman - as respondents.
"During the period stretching from January 2012 to February 2013, plaintiff (Westlake International) concluded three separate loan agreements with Tarcon (Private) Limited ("Tarcon") in terms of which the plaintiff lent and advanced the following sums of money to Tarcon, that is $700 000 on or around January 2012; $615 960 on or around August 1, 2012 and $416 100 on or around February 4, 2013," the firm said.
According to the court papers, Mandiwanzira and Ziumbe bound themselves as sureties and co-principal debtors to the loan.
"In terms of all the three loan agreements, the aforesaid Tarcon was obliged to repay the advanced sums of money, together with interest thereon within a period of 180 days from the date of each advance. Despite signing several acknowledgments of its indebtedness, Tarcon has failed and/or neglected to repay the full amount and has to date, accumulated arrears in the total sum of $317 166, 33."
In the same litigation, the financial company said it was also demanding interest at the rate of 8% calculated from the loan payment due date to the date of payment in full.
However, Mandiwanzira and Ziumbe are yet to respond to the lawsuit and the pair has 10 working days to file an appearance to defend.
The micro finance institution filed summons at the High Court on October 29 through its lawyers, Gill, Godlonton and Gerrans, citing Mandiwanzira and Florence Erina Ziumbe — a lawyer and businesswoman - as respondents.
"During the period stretching from January 2012 to February 2013, plaintiff (Westlake International) concluded three separate loan agreements with Tarcon (Private) Limited ("Tarcon") in terms of which the plaintiff lent and advanced the following sums of money to Tarcon, that is $700 000 on or around January 2012; $615 960 on or around August 1, 2012 and $416 100 on or around February 4, 2013," the firm said.
"In terms of all the three loan agreements, the aforesaid Tarcon was obliged to repay the advanced sums of money, together with interest thereon within a period of 180 days from the date of each advance. Despite signing several acknowledgments of its indebtedness, Tarcon has failed and/or neglected to repay the full amount and has to date, accumulated arrears in the total sum of $317 166, 33."
In the same litigation, the financial company said it was also demanding interest at the rate of 8% calculated from the loan payment due date to the date of payment in full.
However, Mandiwanzira and Ziumbe are yet to respond to the lawsuit and the pair has 10 working days to file an appearance to defend.
Source - newsday
