ZIMBABWE National Roads Authority (Zinara) chairman Albert Mugabe stands to lose some of his movable property, which is to be attached by the High Court to recover US$47 674,59 owed by the defendant to the now defunct Interfin Bank Limited (IBL) which is under liquidation.
Court documents gleaned by businessdigest show the High Court gave a writ of execution to attach Mugabe’s property in November 2015 after the defendant failed to appear in court. IBL lawyer Antony Chagonda of Sawyer & Mkushi filed an application for default judgment, which was granted.
At the time, the defendant’s given address was 3 Glanmore Road, Ballantyne Park, Harare.
“You are required and directed to attach and take into execution the movable goods of Defendant (Albert Mugabe) respectively, the above mentioned defendant of number 3 Glanmore Road, Ballantyne Park, Harare, and the same cause to be realised the sum of US$47 674,59 plus interest on the sum of US$47 674,59 to the penalty rate of 10% per annum over and above the rate of interest applicable to defendants’ cash advance account with effect from 28th of August 2013 to date of payment and the sum of $TBA for the taxed costs and charges of Interfin Banking Corporation Limited (in liquidation), the above-mentioned plaintiff, which it recovered by judgement of this Court dated 2nd November 2015 in the above-mentioned suit, and also all other costs and charges of the plaintiff in the suit to be hereafter duly taxed according to law, besides all your costs thereby incurred,” read a November 2015 High Court writ of execution.
It was, however, later established Mugabe no longer resided in Ballantyne Park, prompting investigations that proved the defendant was now residing at 90 Montgomery Road, Highlands, Harare. IBL lawyers on April 22, 2016 then wrote to the Sheriff of the High Court instructing the office to attach Mugabe’s property at the new address.
According to IBL, Mugabe and the bank entered into an agreement in which the defendant was given a revolving credit facility of up to US$50 000 in December 2009.
Under the revolving credit facility, Mugabe made capital withdrawals of US$33 445,06. The bank charged interest of US$14 226,53 and bank charges of US$65. Thereby producing a total amount of US$47 739,59.
IBL said Mugabe defaulted on making due and punctual repayment under the agreement and as at August 17 2015, the defendant had not paid anything towards settling the balance.
Mugabe is among a long list of IBL debtors, including bigwigs like Zifa president Phillip Chiyangwa, who failed to honour their debts to the financial institution leading to its demise.
As of December 2014, the troubled financial institution collected a measly 1,57% of the US$107,2 million owed by debtors since it was put under recuperative curatorship by the central bank in June 2012.