FORMER Sport, Arts and Recreation Minister and Member of
Parliament for Mberengwa East Makhosini Hlongwane’s property is set to be
auctioned over a debt of more than US$36 000 for a vehicle and asset finance
facility.
Hlongwane’s property which is set to go under the hammer
includes a Mitsubishi Canter truck, an assortment of industrial baking
equipment, trolleys and a water chiller.
The property is set to be auctioned today in Zvishavane by
Lewton Auctions after it was attached by the Sheriff of the High Court
following Hlongwane’s failure to settle a six-year old debt.
Hlongwane was in 2017 taken to the High Court in Harare by
Stanbic Bank over a $36 801 vehicle and asset finance facility debt, which he
failed to repay.
On August 29, 2017, Stanbic Bank filed summons under case
number HC7958/17 through its lawyers, Danziger and Partners, citing Hlongwane,
his company, Carat Investments (Pvt) Ltd, which has since been placed
under liquidation
and one Adrian Hastings Kaira, as defendants.
According to court papers, sometime in June 2012, Stanbic
Bank entered into an agreement, lent and advanced US$30 000 to Carat
Investments under a vehicle and asset finance facility.
As security for the due repayment of the loan, it was
stated that Hlongwane and Kaira stood as sureties and co-principal debtors for
their company undertaking to pay legal practitioner’s collection commission and
costs of suit on the legal practitioner and client scale and also renouncing
the benefits of execution and division.
The bank further said under the credit facility signed
between the parties, default interest would accrue on overdue payments at the
rate of 34 percent per annum from the date of default to the date of full and
final payment.
“Carat Investments (Pvt) Ltd breached the credit agreement
signed with the plaintiff by failing to repay the facility loan which expired
on June 30, 2013.
“In fact, the company has since been placed under
liquidation by the High Court owing to its inability to pay its creditors,”
Stanbic said.
“Despite demand on July 3, 2017, the first and second
defendants (Hlongwane and Kaira) have failed, neglected and/or refused to settle
the debt owed by their company, which stood at $36 801,28 as at March 29,
2015,” said the Stanbic Bank lawyers. Chronicle
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