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Mining pension fund sues Company over $18 300 debt

by Stephen Jakes
01 Dec 2016 at 05:34hrs | Views

Mining Industry Pension Fund has sued a company called Eighty Eight Investment (Pvt) Limited over a debt of $18 388, 78.

The Pension fund filed summons at the Bulawayo High Court on November 23 citing the Eighty Eight Investment and Satish Patel as first and second respondents respectively.

"The plaintiff's claim is for an order that defendant pay to plaintiff arrear rentals and operational costs for stand number 81 Leopold Takawira and JM Nkomo Street also known as Shop No. 2 Ground Floor Exchange Building in the sum of $18 388, 78 jointly and severally one paying the other to be absolved," reads the summons.

"An order that defendant shall pay interest at the rate of 7,5% compounded monthly on $18 388, 78 calculated from December 1 2016 to date of eviction. An order confirming the cancelation of the lease agreement signed by the parties in respect of the shop which was duly done by the plaintiff on November 17 2016."

The two parties had entered into a deal on March 10 2015 and their agreement over the property was binding.

On November 17 2016 the company was served with a letter of cancelation of the deal and asked the company to vacate he property.

But despite demand and eviction the company has remained put and has failed to settle the debt. The company is yet to respond to the summons

Source - Byo24News