Television personality, Musorowegomo Mukosi, is under fire from CBZ Bank for allegedly breaching an overdraft facility agreement, after failing to service a $328 000 loan which has since ballooned to over $560 000 with interest.
BY CHARLES LAITON
Mukosi, the former producer of Talking Farming/Murimi Wa Nhasi/Umlimi Wa Namhla TV programme, is cited as the respondent in civil summons issued by the financial institution on November 17 this year. He reportedly owes CBZ Bank about $567 952 in capital sum plus interest.
However, Mukosi entered his appearance to defend notice through his lawyers and the bank is now expected to file more papers in pursuit of the claim.
“Defendant [Mukosi] breached the agreement by failing, neglecting or refusing to repay the amounts advanced to him of the facility and/or upon demand,” CBZ Bank said in its declaration filed with the summons under case number HC 11130/15.
According to the bank’s declaration, Mukosi, who resides at Dombie Estate in Marondera, signed an overdraft facility agreement with CBZ Bank on March 13 2012 and the terms of the agreement were that Mukosi would access not more than $305 000 as loan.
The loan facility, according to the bank, would accrue interest at 3% plus 12% margin flat, plus 3% establishment fees and that the bank would reserve the right to review interest from time to time of which it is currently at 18% per annum.
- Chamisa under fire over US$120K donation
- Mavhunga puts DeMbare into Chibuku quarterfinals
- Pension funds bet on Cabora Bassa oilfields
- Councils defy govt fire tender directive
Keep Reading
It was further agreed that a certificate signed by CBZ Bank accountant or manager would be prima facie proof of the amount due by Mukosi.
“The defendant [Mukosi] signed binding himself to repay on demand by plaintiff [CBZ], all sums due and owing to plaintiff from time to time and arising from facility,” the bank said.
“As at November 9 2015, the amount outstanding in the account as capital sum was $328 077,87, while interest stood at $239 623, 93.”
The financial institution said in terms of the facility that was extended to the television personality and normal banking practice, Mukosi was liable for certain bank charges on the account as at November 9 this year in the sum of $252, 13.
Besides suing for the amount due, CBZ Bank said it would also claim, from Mukosi, collection commission in terms of the Law Society of Zimbabwe tariff and costs of suit on attorney and client scale.
