News / National
AfrAsia Bank slapped with $200 000 lawsuit
12 Oct 2014 at 09:07hrs | Views
CHRIS-DAVID Marketing, a Bulawayo-based company is suing Microking Finance (Pvt) Ltd, a subsidiary of AfrAsia Bank Zimbabwe Limited (formerly Kingdom Bank).
Chris-David Marketing filed a lawsuit at the Bulawayo High Court demanding $200 000 from Microking Finance (Pvt) Ltd for allegedly misplacing it's title deeds, which were submitted as collateral and the inconvenience caused after failing to produce the title deeds.
It is alleged that Chris-David Marketing, suppliers of laboratory equipment, applied for a $3 000 loan from Microking Finance on 14 April 2011 and surrendered their title deeds as collateral.
Documents in possession of Sunday News indicate that Chris David paid back the money with interest before requesting for their title deeds.
It is understood that Microking Finance did not hand over the title deeds demanding that Chris David marketing pay an extra $600 to which they complied.
However, Microking Finance failed to produce the documents and informed Chris-David Marketing that their title deeds were missing prompting the lawsuit.
It is alleged that Microking Finance offered Mr Mundandi $3 000 so that the matter would be settled out of court.
However, Mr Mundandi turned down the offer.
AfrAsia corporate communications and public relations executive Ms Sekai Chitemerere confirmed that Microking Finance was facing a heavy lawsuit from Chris-David Marketing and not AfrAsia Bank Zimbabwe Limited.
Chris-David Marketing filed a lawsuit at the Bulawayo High Court demanding $200 000 from Microking Finance (Pvt) Ltd for allegedly misplacing it's title deeds, which were submitted as collateral and the inconvenience caused after failing to produce the title deeds.
It is alleged that Chris-David Marketing, suppliers of laboratory equipment, applied for a $3 000 loan from Microking Finance on 14 April 2011 and surrendered their title deeds as collateral.
Documents in possession of Sunday News indicate that Chris David paid back the money with interest before requesting for their title deeds.
It is understood that Microking Finance did not hand over the title deeds demanding that Chris David marketing pay an extra $600 to which they complied.
However, Microking Finance failed to produce the documents and informed Chris-David Marketing that their title deeds were missing prompting the lawsuit.
It is alleged that Microking Finance offered Mr Mundandi $3 000 so that the matter would be settled out of court.
However, Mr Mundandi turned down the offer.
AfrAsia corporate communications and public relations executive Ms Sekai Chitemerere confirmed that Microking Finance was facing a heavy lawsuit from Chris-David Marketing and not AfrAsia Bank Zimbabwe Limited.
Source - SundayNews
