Zimbabwe: Trek Fails to Repay $3,7m Loan

24 October 2017

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.

...

AllAfrica publishes around 500 reports a day from more than 100 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.