14 July 2017

Zimbabwe: MP Nyanhongo Risks Losing Plot Over Debt

Nyanga North legislator Cde Hubert Nyanhongo and his wife Margaret risk losing a Waterfalls plot over an outstanding half-a-million-dollar loan.

CBZ Bank Limited slapped the politician with a lawsuit barely two months after his arrest on allegations of illegally possessing a pangolin.

In the lawsuit filed on Wednesday at the High Court, the bank is claiming the principal debt plus interest calculated at the rate of 28 percent per annum from September 30, 2016 to the date of payment.

CBZ is also seeking an order declaring the couple's Waterfalls property, measuring 5,5 hectares, to be executable. The bank is seeking an order compelling the couple to pay costs of suit on a higher scale. In August 2012, the bank extended a loan to Cde Nyanhongo in terms of an agreement between the two parties.

Mrs Nyanhongo stood as surety and co-principal debtor. Cde Nyanhongo breached the loan agreement and failed to pay the debt.

When the summons was initially filed at the High Court last year, the parties agreed on a payment plan. In terms of the deed of settlement, Cde Nyanhongo was expected to clear the debt through monthly instalments of $50 000.

The politician defaulted. This saw the bank going back to court with a chamber application for judgment in terms of Rule 148 of the High Court.

Danziger & Partners Legal Practitioners are acting for CBZ Bank. Failure by Cde Nyanhongo to clear the debt, according to the court papers, should result in him losing the plot.

Cde Nyanhongo and his wife are yet to respond to the latest chamber ap- plication.

Zimbabwe

President Mnangagwa's Inauguration Speech

PRESIDENT-designate and Zanu-PF First Secretary Cde Emmerson Mnangagwa was today sworn in as the country's Head of State… Read more »

Copyright © 2017 The Herald. All rights reserved. Distributed by AllAfrica Global Media (allAfrica.com). To contact the copyright holder directly for corrections — or for permission to republish or make other authorized use of this material, click here.

AllAfrica publishes around 900 reports a day from more than 140 news organizations and over 500 other institutions and individuals, representing a diversity of positions on every topic. We publish news and views ranging from vigorous opponents of governments to government publications and spokespersons. Publishers named above each report are responsible for their own content, which AllAfrica does not have the legal right to edit or correct.

Articles and commentaries that identify allAfrica.com as the publisher are produced or commissioned by AllAfrica. To address comments or complaints, please Contact us.