Zimbabwe National Roads Authority (Zinara) chairperson Albert Mugabe’s property is set to go under the hammer after Interfin Bank approached the court and obtained a default judgment and a writ of execution to recover over $47 000 advanced to him almost seven years ago.
The writ of execution against the Zinara boss followed his failure to service a $47 739,59 loan he obtained from the bank after entering into an agreement for a revolving credit facility on December 4, 2009.
Mugabe’s property could have long been attached by the Sheriff last year, but execution failed after it emerged the Zinara boss had changed his residential address supplied to the bank.
At the time of the writ, Mugabe was resident at Number 3 Glanmore Road, Ballantyne Park, Harare, before moving to his current address which is 90 Montgomery Road, Highlands in Harare, according to the court documents.
In a letter dated April 22, 2016 addressed to the Sheriff by Interfin Bank’s lawyer Antony Chagonda, the bank said:
“We refer to the letter dated November 11, 2015 and to your return of service advice number 078331B wherein you stated that the defendant (Mugabe) no longer resides in Ballantyne Park. We request that you attach and remove defendant’s property at the following address: 90 Montgomery Road, Highlands, Harare.”
According to the court papers, on or around December 4, 2009, the bank entered into an agreement in terms of which it extended to Mugabe a revolving credit facility of up to $50 000.
Under the revolving credit, it is alleged, Mugabe made capital withdrawals of $33 445,06 and the bank charged total interest of $14 229,53 and bank charges in the sum of $65, making a total of $47 739,59 owing to the bank.
Mugabe, however, allegedly defaulted on “making due and punctual repayment” under the agreement as at August 17, 2015, and since then he had not paid anything towards servicing the debt.
“It was a term of the agreement that all accounts outstanding were repayable on or before the expiry of the facility. The facility expired on August 31, 2010; the plaintiff extended to defendant a moratorium until December 31, 2014. The defendant acknowledged liability of the total amount outstanding in October 2014,” the bank said.
“Despite demand, defendant has failed and /or refused to pay plaintiff (the bank) the sum of $47 739,59.” newsday