News / National
CBZ Bank sues Zanu-PF's Dickson Mafios over $472,000 debt
02 Feb 2016 at 06:00hrs | Views
CBZ bank has initiated legal proceedings against Zanu-PF Mashonaland Central provincial chairman Dickson Mafios over a $472,000.
CBZ claims that it granted Mafios a credit facility of $192,876 to Mafios, alleging that the loan's tenor was for a period of 12 months that expired in September 2011. Mafios is alleged to have accessed the cash in 2010.
He also passed notarial covering of the bond in favour of the bank to secure two loan advancements amounting to $199,800.
The bank also said that the credit facilities extended to Mr Mafios included a summer cropping overdraft in the sum of$60,000 and a carry-over loan in the sum of $192,876.
Mafios allegedly exceeded the withdrawal limit under the credit facility by withdrawing a capital sum of $308,780.32.
CBZ claims that it granted Mafios a credit facility of $192,876 to Mafios, alleging that the loan's tenor was for a period of 12 months that expired in September 2011. Mafios is alleged to have accessed the cash in 2010.
He also passed notarial covering of the bond in favour of the bank to secure two loan advancements amounting to $199,800.
The bank also said that the credit facilities extended to Mr Mafios included a summer cropping overdraft in the sum of$60,000 and a carry-over loan in the sum of $192,876.
Mafios allegedly exceeded the withdrawal limit under the credit facility by withdrawing a capital sum of $308,780.32.
Source - Daily News
