News / National
Mugabe's ex-Finance minister to lose property over $366,000 debt
21 Mar 2018 at 05:38hrs | Views
FORMER Finance deputy minister David Chapfika is set to lose his late brother's up-market Harare property which he had used as collateral security to secure a $366 014 loan from Cabs Bank in 2011.
The house is now set to be auctioned after Cabs obtained a default judgment following the legislature's failure to service the debt.
Early this month, Cabs recoveries manager Collins Chikukwa, filed a court application seeking a default judgment against Chapfika and his wife Abina together with their company Racewin Trading (Pvt) Ltd saying the family had breached the terms and conditions of the loan and above all they had failed to defend the litigation.
In his determination, Justice Benjamin Chikowero said: "It is ordered that default judgment be and is hereby issued against the first, second and third defendant (Chapfika, Abina and Racewin). The first, second and third defendants' shall pay to the plaintiff (Cabs): the sum of $366 014 being the full amount owed by the defendants to the plaintiff under surety mortgage bond 3876/13 as of December 2015."
"Interest on the sum is at the rate of 10% per annum with effect from January 1, 2015 to date of final payment being made, capitalised monthly on the first day of each month. Cost of suit on a legal practitioner and client scale," he said adding "the property mortgaged under mortgage bond number 3876/13 known as a certain piece of land situate in the district of Salisbury called stand number 12468 Salisbury Township Lands measuring 1226 square metres held under deed of transfer number 10975 dated November 30, 1998 be and is hereby declared executable."
The house is now set to be auctioned after Cabs obtained a default judgment following the legislature's failure to service the debt.
Early this month, Cabs recoveries manager Collins Chikukwa, filed a court application seeking a default judgment against Chapfika and his wife Abina together with their company Racewin Trading (Pvt) Ltd saying the family had breached the terms and conditions of the loan and above all they had failed to defend the litigation.
In his determination, Justice Benjamin Chikowero said: "It is ordered that default judgment be and is hereby issued against the first, second and third defendant (Chapfika, Abina and Racewin). The first, second and third defendants' shall pay to the plaintiff (Cabs): the sum of $366 014 being the full amount owed by the defendants to the plaintiff under surety mortgage bond 3876/13 as of December 2015."
"Interest on the sum is at the rate of 10% per annum with effect from January 1, 2015 to date of final payment being made, capitalised monthly on the first day of each month. Cost of suit on a legal practitioner and client scale," he said adding "the property mortgaged under mortgage bond number 3876/13 known as a certain piece of land situate in the district of Salisbury called stand number 12468 Salisbury Township Lands measuring 1226 square metres held under deed of transfer number 10975 dated November 30, 1998 be and is hereby declared executable."
Source - newsday
