FORMER Kambuzuma MP Willias Madzimure has been taken to court for failing to pay a $20 000 loan he borrowed from CBZ Bank.
The bank has, through its lawyers Gutu and Chikowero, filed a High Court application seeking an order compelling Madzimure to pay the debt and costs of the suit.
In case HC9489/16, CBZ alleges that Madzimure borrowed $15 000 from the bank through an overdraft facility which was supposed to be paid by the end of March 2014.
“Pursuant to the agreement, the plaintiff lent to the defendant the sum of $15 000. The defendant breached clauses 4 and 9 of the agreement in that his account fell into an unauthorised overdraft and all the money due under the account was not repaid by March 31, 2014,” part of the summons read.
Owing to interest of 13% per year and 3% facility fees, the debt rose to $20 395, which the legislator had allegedly failed or neglected to pay, resulting in the court action.
“CBZ would be entitled to charge the defendant interest at a rate of 13% per annum, plus 3% facility fee, which interest rate could be altered, on notice to Madzimure, should that be deemed necessary by CBZ,” the summons read. newsday