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Ex-ZC MD in $600,000 lawsuit
26 Feb 2019 at 08:24hrs | Views
Former Zimbabwe Cricket managing director Wilfred Mukondiwa has been dragged to the High Court by Metbank Limited, which is seeking to recover over $600 000 from the ex-executive.
In the application, the bank cited Wilfred and Duncan Mukondiwa as first and second respondents respectively.
"Plaintiff and first defendant (Wilfred) entered into a loan facility agreement on 23rd March 2012 in terms of which monies were advanced in the sum of $350 000. The loan was repayable in monthly instalments of $2 916 over 10 years as from the 30th April 2012. It is a term of the facility that failure to pay any instalment or breach of any term of the facility agreement would render the full amount plus interest and other charges owing in terms of the facility agreement due and payable," the court was told.
According to court papers, the loan was secured by a mortgage bond by Wilfred in favour of the bank over Stand No. 52 Gletwyn Township of Stand 81 Gletwyn Township held under Deed of Transfer No. 13764/02.
The bank said it advanced the money in terms of the facility agreement and that Duncan had signed an acknowledgment of debt in the sum of $397 577, 79 as further security for the loan. He was bound to pay $3 000 per month, but failed to comply with the undertaking.
"In breach of the agreement, the defendants have failed to extinguish the debt in full leaving an outstanding balance of $637 302, 86. The defendants are obliged to pay the amount owing plus interest accruing at 18 percent per annum to date of full payment in full and costs on attorney-client scale and collection commission. Despite demand, the defendants have failed/refused to pay the aforementioned sum," the court heard.
The two are still to file a response to the application.
In the application, the bank cited Wilfred and Duncan Mukondiwa as first and second respondents respectively.
"Plaintiff and first defendant (Wilfred) entered into a loan facility agreement on 23rd March 2012 in terms of which monies were advanced in the sum of $350 000. The loan was repayable in monthly instalments of $2 916 over 10 years as from the 30th April 2012. It is a term of the facility that failure to pay any instalment or breach of any term of the facility agreement would render the full amount plus interest and other charges owing in terms of the facility agreement due and payable," the court was told.
According to court papers, the loan was secured by a mortgage bond by Wilfred in favour of the bank over Stand No. 52 Gletwyn Township of Stand 81 Gletwyn Township held under Deed of Transfer No. 13764/02.
The bank said it advanced the money in terms of the facility agreement and that Duncan had signed an acknowledgment of debt in the sum of $397 577, 79 as further security for the loan. He was bound to pay $3 000 per month, but failed to comply with the undertaking.
"In breach of the agreement, the defendants have failed to extinguish the debt in full leaving an outstanding balance of $637 302, 86. The defendants are obliged to pay the amount owing plus interest accruing at 18 percent per annum to date of full payment in full and costs on attorney-client scale and collection commission. Despite demand, the defendants have failed/refused to pay the aforementioned sum," the court heard.
The two are still to file a response to the application.
Source - dailynews
