Mathew Masinge, H-Metro Reporter
Ex-Information and Communication Technology minister Supa Mandiwanzira has been ordered to settle a US$297 598 debt after his firm Tarcon (Private) neglected a loan repayment.
The loan was obtained over seven years ago from Westlake International Finance Limited who approached the court in 2018 citing Mandiwanzira and one Erina Ziumbe as respondents.
The financial institution sought to have Mandiwanzira’s company compelled into action towards repayment of three separate loans worth $700 000 in January 2012, another $615 960 in August the same year and $416 100 around February 2013.
The judgment handed down by Justice Joseph Mafusire on January 15 reads:
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“The defendants (Supa Mandiwanzira and Florence Erina Ziumbe) shall pay US$297 598 or its equivalent in Zimbabwean dollars at the interbank exchange rate applicable at the time of payment.
“Interest thereon at the rate of libo plus 8% calculated from October 29, 2018 to date of payment in full. Collection commission thereon to the extent that the same is permitted by the Law Society of Zimbabwe (LSZ) and cost of suit,” he wrote.
Again, last Friday the finance company obtained a writ of execution against the politician and Ziumbe for further neglect of the debt.
“You are required and directed to attach and take into execution the movable goods of Supa Collins Mandiwanzira of 7 Kenilworth Road, Highlands Harare and Florence Erina Ziumbe of 18 Fletcher Road Mt Pleasant, Harare…
“The above mentioned defendants and of the same cause to be realised the sum of US$297 598 or its equivalent in Zimbabwean dollars at the interbank exchange rate applicable at the time of repayment….,” reads part of the document.
In terms of the agreement, Tarcon was obliged to repay the advanced sums of money together with interest within a stipulated 180 days’ period.
Mandiwanzira and Ziumbe who were contesting the claim despite offering surety on the agreement failed to live up to their part forcing the finance institution to seek a recourse of the court.
– HMETRO