VICE-PRESIDENT Constantino Chiwenga’s ex-wife, Jocelyn and
her company Rugnet Ventures, has fallen on hard times and risks losing her residential
property in Harare’s leafy Glen Lorne suburb after she failed to repay her $2,6
million CBZ Bank loan.
In summons filed at the High Court on March 9 this year,
CBZ Bank cited Jocelyn, her companies Rugnet Ventures (Private) Ltd and
Licybuster Investments (Private) Ltd, as co-respondents.
The bank is represented by Musendekwa-Mtisi Legal
Practitioners, while Jocelyn is self-acting.
According to the court papers under case number HC2248/18,
sometime in May 2014, the bank entered into a structured loan facility
agreement with Rugnet Ventures for $1,3 million at the firm’s special instance
and request.
“It was agreed that interest would accrue at the bank’s
minimum lending rate (3% per annum) plus 13% all-inclusive on the restructured
loan facility during the restructured loan facility period, but subject to
change thereafter in line with prevailing money markets rates,” the bank said
in its declaration.
“It was a term of the said agreement that the first
defendant (Rugnet Ventures) would pay collection costs, bank charges and legal
costs on an attorney-client scale in the event of plaintiff (CBZ) resorting to
legal action to recover its monies.”
The parties allegedly agreed that Rugnet Ventures would
repay the loan facility at a rate of $260 000 per year until expiry of the loan
term on May 31, 2019.
“The second and third defendants (Jocelyn and Licybuster
Investments) signed unlimited guarantees, wherein they bound themselves as
sureties and co-principal debtors with the first defendant, hence liability has
become jointly and several, the one paying the other to be absolved,” the bank
said.
“The first, second and third defendants breached the terms
of the restructured loan facility agreement by failing to repay the principal
amount and interest fully and punctually in annual instalments of $260 000.”
Consequently, as a result of her failure to service the
debt, Jocelyn is likely to lose her upmarket stand, which had been surrendered
to the bank as surety.
“The third defendant registered a first mortgage bond for
$607 500 stand number 2161 Glen Lorne Township stand number 812 Glen Lorne
Township 15 registered in the name of the third defendant and held under deed
of transfer number 3787/08 dated June 3, 2008 as security for the debt, hence
the property becomes executable,” CBZ argued.
“In terms of the banking practice, plaintiff included, the
defendants are liable to pay interest at plaintiff’s minimum lending rate
applicable from time to time currently at 16% per annum and compounded monthly
effective from date of summons to date of full payment. As at the date of
summons, the defendant’s total indebtedness to plaintiff was in the sum of $2
594 249,97.”
The former army chief’s ex-wife is yet to respond to the
summons. Newsday
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