News / National
MDC-T sell cars to bail out Tsvangirai
08 Sep 2016 at 06:38hrs | Views
MDC-T has sacrificed three vehicles to save party leader Mr Morgan Tsvangirai's house in Strathaven, Harare, from being auctioned over $55 000 owed to a local bank.
The broke politician had his property, Stand Number 2 Strathaven Township, earmarked for attachment over non-payment of a loan extended by Afrasia Bank Zimbabwe Limited three years ago.
The stand measures 4 689sqm and is registered under Deed of Transfer Number 9927 /2000.
According to a writ of execution obtained by Afrasia Bank, the Sheriff of the High Court was directed to attach all movable property at the house.
If the movable property was not sufficient to settle the debt, the Sheriff was directed to attach the immovable property. While the property was facing the hammer, the MDC-T leadership - through its company called Laphonic Investments situated at Harvest House in Harare - came to the politician's rescue and offered three party vehicles for attachment and execution.
The three vehicles are:
1. Toyota Toyoace (ADM 9210)
2. Isuzu KB250 (ADA 1750)
3. Toyota Dyna (ACO 0160)
It is believed that one of the vehicles was being used by the party's Harare Province to ferry instruments.
The Herald understands that most of MDC-T's property is registered under the name of Laphonic Investments, which is run by MDC-T bigwigs and is located at the party's headquarters at Number 44 Nelson Mandela Avenue.
Mr Douglas Mwonzora, Ms Paurina Mpariwa, Mr Chalton Hwende and Mrs Theresa Makone met and resolved to bail out the troubled politician.
Mr Mwonzora, in his capacity as Laphonic Investments board secretary, wrote to the Sheriff of the High Court informing him of the rescue plan.
"The company hereby voluntarily and irrevocably cedes the aforesaid motor vehicles to satisfy the Afrasia Bank debt under HC1777/ 15.
"The movable property attached by the Sheriff be released from attachment under HC1777 /15," reads part of the letter dated August 18 2016.
The vehicles have since been taken to Revelation Auctions where they await the auction date. On September 12, 2013, Mr Tsvangirai signed a loan agreement with the bank and an overdraft finance facility of $64 245 was advanced to him.
In terms of the agreement, Mr Tsvangirai should have cleared the debt by October 15 2013, but he failed.
Mr Tsvangirai only paid $24 000, but failed to pay the balance. After charges and interest were factored in, the opposition leader remained in arrears to the tune of $55 000.
Sawyer and Mkushi Legal Practitioners appeared for the bank in the matter.
The broke politician had his property, Stand Number 2 Strathaven Township, earmarked for attachment over non-payment of a loan extended by Afrasia Bank Zimbabwe Limited three years ago.
The stand measures 4 689sqm and is registered under Deed of Transfer Number 9927 /2000.
According to a writ of execution obtained by Afrasia Bank, the Sheriff of the High Court was directed to attach all movable property at the house.
If the movable property was not sufficient to settle the debt, the Sheriff was directed to attach the immovable property. While the property was facing the hammer, the MDC-T leadership - through its company called Laphonic Investments situated at Harvest House in Harare - came to the politician's rescue and offered three party vehicles for attachment and execution.
The three vehicles are:
1. Toyota Toyoace (ADM 9210)
2. Isuzu KB250 (ADA 1750)
3. Toyota Dyna (ACO 0160)
It is believed that one of the vehicles was being used by the party's Harare Province to ferry instruments.
Mr Douglas Mwonzora, Ms Paurina Mpariwa, Mr Chalton Hwende and Mrs Theresa Makone met and resolved to bail out the troubled politician.
Mr Mwonzora, in his capacity as Laphonic Investments board secretary, wrote to the Sheriff of the High Court informing him of the rescue plan.
"The company hereby voluntarily and irrevocably cedes the aforesaid motor vehicles to satisfy the Afrasia Bank debt under HC1777/ 15.
"The movable property attached by the Sheriff be released from attachment under HC1777 /15," reads part of the letter dated August 18 2016.
The vehicles have since been taken to Revelation Auctions where they await the auction date. On September 12, 2013, Mr Tsvangirai signed a loan agreement with the bank and an overdraft finance facility of $64 245 was advanced to him.
In terms of the agreement, Mr Tsvangirai should have cleared the debt by October 15 2013, but he failed.
Mr Tsvangirai only paid $24 000, but failed to pay the balance. After charges and interest were factored in, the opposition leader remained in arrears to the tune of $55 000.
Sawyer and Mkushi Legal Practitioners appeared for the bank in the matter.
Source - the heralf
