News / National
Zimbabwean tycoon agrees to repay $3,8m loan 16 years later
12 Sep 2016 at 23:35hrs | Views
BUSINESS tycoon Mr John Arnold Bredenkamp will now pay back $3,8 million he borrowed from a local entrepreneur, Mr Yaqub Ibrahim Mohammed, some 16 years ago.
Mr Bredenkamp had refused to pay the debt for years until the High Court early this year ordered him to do so.
He contested the High Court decision through an appeal to the Supreme Court.
However, when the parties appeared before the Supreme Court yesterday, Mr Bredenkamp made a U-turn and withdrew his appeal.
Advocate Eric Matinenga, on behalf of Mr Bredenkamp, told the court that his client was now ready to settle the debt.
Deputy Chief Justice Luke Malaba, sitting with Justices Chinembiri Bhunu and Susan Mavangira, confirmed the withdrawal of the appeal to allow amicable settlement of the dispute.
"The appeal is hereby withdrawn for the reason that the parties have reached a settlement on the issues between them with the appellant having to pay the costs of the suit," ruled Justice Malaba.
It came out in the trial that Mr Bredenkamp borrowed the money to support Government's troops in the Democratic Republic of Congo over a decade ago.
Mr Mohammed said that he decided to take the legal route after the business tycoon failed to pay back the money borrowed sometime in 2002 despite making several promises to settle the debt.
Initially, Mr Bredenkamp was charged with fraud on the same facts, but the court acquitted him on the basis that it was a civil matter.
Mr Mohammed instituted civil proceedings at the High Court claiming the $3,8 million plus interest.
Mr Bredenkamp filed a counter claim of $350 000 alleging that Mr Mohammed maliciously caused his arrest and incarceration.
Justice Priscilla Chigumba ruled in favour of Mr Mohammed and threw out Mr Bredenkamp's claim.
Mr Mohammed was suing the business mogul for violating the 2012 agreement made in the presence of the then Attorney-General Mr Johannes Tomana and the parties' lawyers.
Mr Bredenkamp promised to settle the debt by February 2013. He, however, failed to honour the promise.
Mr Bredenkamp had refused to pay the debt for years until the High Court early this year ordered him to do so.
He contested the High Court decision through an appeal to the Supreme Court.
However, when the parties appeared before the Supreme Court yesterday, Mr Bredenkamp made a U-turn and withdrew his appeal.
Advocate Eric Matinenga, on behalf of Mr Bredenkamp, told the court that his client was now ready to settle the debt.
Deputy Chief Justice Luke Malaba, sitting with Justices Chinembiri Bhunu and Susan Mavangira, confirmed the withdrawal of the appeal to allow amicable settlement of the dispute.
"The appeal is hereby withdrawn for the reason that the parties have reached a settlement on the issues between them with the appellant having to pay the costs of the suit," ruled Justice Malaba.
It came out in the trial that Mr Bredenkamp borrowed the money to support Government's troops in the Democratic Republic of Congo over a decade ago.
Mr Mohammed said that he decided to take the legal route after the business tycoon failed to pay back the money borrowed sometime in 2002 despite making several promises to settle the debt.
Initially, Mr Bredenkamp was charged with fraud on the same facts, but the court acquitted him on the basis that it was a civil matter.
Mr Mohammed instituted civil proceedings at the High Court claiming the $3,8 million plus interest.
Mr Bredenkamp filed a counter claim of $350 000 alleging that Mr Mohammed maliciously caused his arrest and incarceration.
Justice Priscilla Chigumba ruled in favour of Mr Mohammed and threw out Mr Bredenkamp's claim.
Mr Mohammed was suing the business mogul for violating the 2012 agreement made in the presence of the then Attorney-General Mr Johannes Tomana and the parties' lawyers.
Mr Bredenkamp promised to settle the debt by February 2013. He, however, failed to honour the promise.
Source - the herald
