News / National
Chiyangwa to lose property from his Borrowdale mansion over $4m debt
12 Dec 2015 at 16:12hrs | Views
Zifa president Phillip Chiyangwa is set to lose property from his Borrowdale mansion after the now-defunct Interfin Bank obtained a writ of execution against him to recover over $4 million in debts.
In a letter addressed to the Sheriff dated December 10, 2015, Interfin Bank's lawyers, Sawyer & Mkushi, instructed the Sheriff to proceed with attachment of Chiyangwa's property after paying attachment fees.
Part of the letter read: "We request you to attach and remove defendant's property at the following address: 11 Crowhill Road, Borrowdale, Harare. Enclosed is the sum of $567 as per your request. Let us have your return of service once execution has been effected."
Attached to the letter was also a writ of execution receipt showing fees paid by the lawyers in the sum of $97.
Last month, Chiyangwa and his businesses, Pinnacle Property Holding and Native Investment Africa, lost a case at the High Court and were ordered to pay the bank $4 060 110 after failing to defend the claim.
High Court judge Justice Lavender Makoni entered a default judgment against Chiyangwa after striking off the business mogul's appearance to defend and his plea following an application by the bank's lawyer, Antony Chagonda.
Justice Makoni ordered: "Whereupon after reading the documents filed of record and hearing counsel, it is ordered that: (1) 2nd defendant's (Chiyangwa) appearance to defend and plea be and are hereby struck off. (2) Judgment with costs on a legal practitioner and client scale and collection commission provided for under the Law Society of Zimbabwe by-laws (1982) be and is hereby entered against 2nd defendant for payment of: (a) $2 000 000 being capital; and (b) $2 000 000 being interest.
"(c) $60 110 being bank charges and (d) interest on the sum of $4 000 000 at the penalty rate of 10% per annum over and above the rate of interest applicable to 1st defendant's (Pinnacle Property Holdings) overdraft from time to time from the date of judgment to date of full payment."
The bank claimed sometime in April 2011, it extended a credit facility of $2 million to Pinnacle Property Holdings and charged total interest of $2 million and bank charges of $60 110, thereby producing a total payable amount of $4 060 110.
The bank also sought an order compelling Chiyangwa to pay legal costs after having agreed with the bank to cover such costs in the event of him defaulting.
In a letter addressed to the Sheriff dated December 10, 2015, Interfin Bank's lawyers, Sawyer & Mkushi, instructed the Sheriff to proceed with attachment of Chiyangwa's property after paying attachment fees.
Part of the letter read: "We request you to attach and remove defendant's property at the following address: 11 Crowhill Road, Borrowdale, Harare. Enclosed is the sum of $567 as per your request. Let us have your return of service once execution has been effected."
Attached to the letter was also a writ of execution receipt showing fees paid by the lawyers in the sum of $97.
Last month, Chiyangwa and his businesses, Pinnacle Property Holding and Native Investment Africa, lost a case at the High Court and were ordered to pay the bank $4 060 110 after failing to defend the claim.
Justice Makoni ordered: "Whereupon after reading the documents filed of record and hearing counsel, it is ordered that: (1) 2nd defendant's (Chiyangwa) appearance to defend and plea be and are hereby struck off. (2) Judgment with costs on a legal practitioner and client scale and collection commission provided for under the Law Society of Zimbabwe by-laws (1982) be and is hereby entered against 2nd defendant for payment of: (a) $2 000 000 being capital; and (b) $2 000 000 being interest.
"(c) $60 110 being bank charges and (d) interest on the sum of $4 000 000 at the penalty rate of 10% per annum over and above the rate of interest applicable to 1st defendant's (Pinnacle Property Holdings) overdraft from time to time from the date of judgment to date of full payment."
The bank claimed sometime in April 2011, it extended a credit facility of $2 million to Pinnacle Property Holdings and charged total interest of $2 million and bank charges of $60 110, thereby producing a total payable amount of $4 060 110.
The bank also sought an order compelling Chiyangwa to pay legal costs after having agreed with the bank to cover such costs in the event of him defaulting.
Source - newsday
