Monday, 10 September 2018

EX MP MADZORE SUED OVER $22K BANK LOAN


FORMER MDC-T Glen View South legislator Mr Paul Madzore has been taken to the High Court over an outstanding bank loan amounting to $22 000.

The politician benefited from an overdraft facility with CBZ Bank in 2015, but failed to repay it within the agreed time frame.

To that end, the bank has instituted legal proceedings, claiming $22 087 plus interest.

The interest will be calculated from May 30, 2017 to the date of payment of the full loan at the rate of 26 percent per annum.

According to the plaintiff’s declaration, the parties entered into a written overdraft facility agreement on May 27, 2015.

In terms of that agreement, Mr Madzore was granted an overdraft facility not exceeding the aggregate sum of $15 250.

Mr Madzore benefited from the facility but allegedly failed to repay upon expiry of the facility on June 30 2016.

Despite demand, the bank argues, Mr Madzore has failed or refused to pay the debt.

The bank was left with no other option but to seek recourse at the High Court.

Mawere Sibanda Legal Practitioners issued the summons on behalf of the bank.

Mr Madzore is yet to respond to the claim. Herald

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