Zimbabwe: Company Demands U.S.$2,7 Million From IDBZ

5 November 2019

Southend Cargo Airlines (Pvt) Ltd has sued the Infrastructure Development Bank of Zimbabwe (IDBZ) at the High Court demanding US$2,7 million over an overpaid loan.

Southend Cargo Airlines, Steven Jacobs Chituku and Patience Fadzai Chituku are claiming US$2 768 428,63 or equivalent at the interbank rate.

"Plaintiffs' claim payment of US$2 768 428,63 being owed plus interest at the prescribed rate from the date of judgment to the date of payment," reads their draft order.

They also seek costs of suit.

In the summons, Southend Cargo Airlines and the Chitukus claim on November 26, 2002, IDBZ obtained a judgment against them under case number I-ICI 1569/98.

"Plaintiffs jointly paid US$590 470 plus interest of US$506 200 at the rate of 14,5 percent per annum from June 1, 1998 to the date of full payment," read the summons.

"They also paid US$54 917, 68 plus interest of US$49 688, 99 at the rate of 14,5 percent per annum from March 31, 1999 to the date of full payment and costs of suit."

As per the judgment they paid the sum of or equivalent to US$3 358 900,53.

"Upon proper computation, IDBZ was only entitled to payment in respect of the loan amount and interest in the sum of US$590 470,90," they said.

"The sum of US$2 768 429,63 or the equivalent thereof paid by the plaintiffs to IDBZ was not owing to them, nevertheless they appropriated the money."

Southend Cargo Airlines and the Chitukus are demanding the money plus interest at the rate of 5 percent per annum from the date of judgment to the date of full payment and costs of suit.

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