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Businessman loses more property over debt

by Staff reporter
11 Feb 2020 at 05:41hrs | Views
BELEAGUERED Bulawayo businessman Ismail Moosa Lunat on Friday had more of his property attached to offset a US$384 177 debt he owes fellow entrepreneur, Mohamed Zakariya Patel.

The High Court also froze Lunat's bank account. High Court Judge Justice Thompson Mabhikwa issued a default judgment after Lunat, through his lawyers, failed to respond to the appeal by Patel to attach more property as the goods they attached in December were "insufficient to satisfy the judgment debt."

The Sheriff proceeded to attach a house at number 13 Baxendale Road, Kumalo suburb belonging to one of Ismail's companies, Curltoast Investments Private Limited.

Movable goods from two shops at Ascot Shopping Centre, belonging to Lunat, were also attached and removed.

The Sheriff's office was not done as it proceeded to freeze Lunat's NMB bank account (account number 210145478).

In December, the Sheriff attached vehicles and movable goods that include a Toyota Rav4 rated at RTGS$20 000, Mazda Axela valued at RTGS$15 000, Honda Odyssey valued at RTGS$12 000, double-door fridge (RTGS$7 000), dinner table and chairs worth $8 000, treadmill priced at $5 000 and a four-piece leather brown sofa set which costs RTGS$15 000.

In addition, the Sheriff attached 50 percent of the shareholding in Dodge Seven Investments (Pvt) Ltd, a company that Lunat co-owns with his wife Angela Maria Coelho Costa Lunat.

The attachment followed a judgment handed down on 12 December 2019 by High Court judge Justice Martin Makonese that Ismail Moosa Lunat should pay the US$384 177 debt owed to fellow entrepreneur Patel at the prevailing interbank rate.

Lunat was also ordered to pay the costs of the suit.

Source - chronicle