News / National
Tycoon loses property over $4,7m debt
15 Nov 2018 at 12:53hrs | Views
Harare businessman Munner Kamruddin Kazi has lost an assortment of household property attached to recover a $4,7 million debt owed to Oman-based investor Thamer Said Al Shanfari.
According to an inventory seen by the Daily News, some of the items that were listed for attachment include chairs, fridges, a washing machine, a coffee maker, a microwave and cars, among other properties.
The attachment process comes after Shanfari, who was represented by Everson Samukange from Samukange Hungwe Attorneys, secured a court ruling against Kazi in October 2015.
Almost three years had lapsed before the order was taken into effect, amid allegations Kazi was getting political protection.
"It is ordered that: judgment is entered against respondent (Kazi) in the sum of $4 750 000, respondent pays interest on $4 750 000 at the prescribed rate from 17th of December 2012 to date of full payment, respondent pays collection commission on $4 750 000 in terms of the by-laws of the Law Society of Zimbabwe," the High Court order reads.
According to court papers, Kazi acknowledged in writing in August 2012 that he owed Shanfari the sum of $3 750 000.
"The defendant agreed to repay the plaintiff (Shanfari) $2 million by the 24th of August 2012. The defendant agreed to pay the balance of $1 750 000 on or by the 5th of October. The defendant further acknowledged owing a further $1 million," the court heard.
The court further heard that the $1 million was going to be written off if Kazi was to pay off the $3 750 000 by the 5th of October 2012.
"Despite the agreement in writing, the defendant has failed, refused and or neglected to repay plaintiff the sum of $3 750 000 within the time frame agreed," the court heard.
In his court papers, Shanfari told the court that Kazi had no genuine defence to offer, adding that his bid to defend the claim was frivolous and vexatious and was only meant to "harass and delay the finalisation of applicant's claim".
According to an inventory seen by the Daily News, some of the items that were listed for attachment include chairs, fridges, a washing machine, a coffee maker, a microwave and cars, among other properties.
The attachment process comes after Shanfari, who was represented by Everson Samukange from Samukange Hungwe Attorneys, secured a court ruling against Kazi in October 2015.
Almost three years had lapsed before the order was taken into effect, amid allegations Kazi was getting political protection.
"It is ordered that: judgment is entered against respondent (Kazi) in the sum of $4 750 000, respondent pays interest on $4 750 000 at the prescribed rate from 17th of December 2012 to date of full payment, respondent pays collection commission on $4 750 000 in terms of the by-laws of the Law Society of Zimbabwe," the High Court order reads.
"The defendant agreed to repay the plaintiff (Shanfari) $2 million by the 24th of August 2012. The defendant agreed to pay the balance of $1 750 000 on or by the 5th of October. The defendant further acknowledged owing a further $1 million," the court heard.
The court further heard that the $1 million was going to be written off if Kazi was to pay off the $3 750 000 by the 5th of October 2012.
"Despite the agreement in writing, the defendant has failed, refused and or neglected to repay plaintiff the sum of $3 750 000 within the time frame agreed," the court heard.
In his court papers, Shanfari told the court that Kazi had no genuine defence to offer, adding that his bid to defend the claim was frivolous and vexatious and was only meant to "harass and delay the finalisation of applicant's claim".
Source - dailynews
