Saturday, 29 October 2016

TUNGAMIRAI ESTATE WRANGLE SPILLS INTO COURT

The disposal of the late national hero Josiah Tungamirai’s estate has spilled into the High Court after it emerged that some of his property was bonded by CBZ Bank over a $67 000 debt, reportedly owed by his late wife’s company.

The High Court has since ruled in favour of the cancellation of the mortgage bond following an application filed by the retired air chief marshal’s estate executor, Oliver Masomera, through his lawyers from Gunje and Chasakara Law Firm — against CBZ Bank and the master of the High Court.

Masomera told the court that he sold a block of flats in Harare in the process of winding up Tungamirai’s estate.

He said in February last year, he concluded the agreement of sale of the property but realised that Tungamirai had passed a mortgage bond in favour of the bank in 2003 for ZW$45 million, which hypothecated the property.

Masomera later sought to cancel the mortgage bond and the release of the original deed of transfer.

“In a series of correspondences exchanged between the parties, it became clear that first respondent (CBZ Bank) does not want to cancel the mortgage bond or release the deed of transfer,” Masomera said in court papers.

According to court papers, Masomera later learnt that a company owned by Tungamirai’s late wife Pamela Christine Tungamirai called Dig Up Marketing had borrowed $67 532, 92 from the bank.

Pamela had bound herself as a guarantor on the loan transaction.
However, Masomera said the bank then pursued Tungamirai’s estate on the basis that he once guaranteed Pamela on other transactions that were different from the one at hand.
Masomera, however, argued that Tungamirai was not a guarantor of the said loan, adding that the two had no nexus.

“The late . . . Tungamirai passed on before Dig Up Marketing had even borrowed money from first respondent (CBZ Bank),” Masomera said.

However, CBZ through its head of recoveries and collections, Noah Chakara, said the loan was released on the strength that her late husband’s flats were to be distributed to her.
Chakara said Tungamirai was therefore liable to the debt.

The High Court went on to give an order for the cancellation of the mortgage bond and the immediate release of his property’s deed of transfer.

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