News / National
Bright Matonga fails to repay loan, taken to court
25 Jan 2013 at 05:23hrs | Views
Former Information deputy minister Bright Matonga has been taken to the High Court by a local firm after he failed to pay back a $280 000 loan advanced to him to finance his farming activities 3 years ago.
Dubtess Investments had offered its immovable property, stand number 407 Borrowdale Brook to Interfin Banking Corporation as collateral to secure the loan on behalf of Matonga.
In summons dated January 18 2013 under case number HC453/13, Dubtess Investments accused the Zanu-PF MP of refusing to pay the loan back, thus putting the firm's house at risk of being attached by the bank.
According to the firm's declaration attached to the summons, Matonga and his farm acquired a loan from Interfin Bank sometime in 2010 in a bid to finance his farming activities.
Dubtess Investments had offered its immovable property, stand number 407 Borrowdale Brook to Interfin Banking Corporation as collateral to secure the loan on behalf of Matonga.
According to the firm's declaration attached to the summons, Matonga and his farm acquired a loan from Interfin Bank sometime in 2010 in a bid to finance his farming activities.
Source - newsday
