Trek Petroleum Private Limited has been arraigned before the courts for failing to repay $3,7 million to Ecobank Zimbabwe Limited (Ecobank) in respect of inventory financing and overdraft facilities. The bank's lawyers Kantor & Immerman allege the sum arises from money lent and advanced to Trek and guaranteed by Chaparell Trading Private Limited and one Max Ticharwa Makuvise for which they stood sureties in solidum and co-principal debtors. Makuvise and Chaparell trading are cited as second and eighth defendants in the pending High Court Case, while Truck and Trailer Sales Private Limited, Tritoma Investments Private limited, Flexnext Investments Private Limited, Patricia Jane Browell and Deane Stuart Le Roux are cited as third, fourth, fifth, sixth and seventh defendants respectively
The $3,7 million comprises $3,62 million in cumulative unpaid capital and $56 382 in cumulative unpaid interest charges. Interest on the sum at the rate of 20 percent per annum reckoned from the 1st of October 2017 to the date of final repayment. Five pieces of land around the country are on the line as mortgage bonds were registered in favour of the bank hypothecating immovable properties. According to the court documents Trek was Ecobank's customer at its Borrowdale branch. The agreement between the two was that Ecobank would from time to time accord Trek banking facilities, which included inventory financing and overdraft facilities.
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