Welshman Ncube fails to pay back $100,000, taken to court

Welshman Ncube fails to pay back $100,000, taken to court
Published: 26 May 2018 (83 Views)
MDC president Welshman Ncube has been taken to court by CBZ Bank, which is seeking an order compelling him to settle an over $100 000 loan advanced to him in January 2010.

The bank issued summons against Ncube on May 22, 2018 through its lawyers Costa and Madzonga Legal Practitioners and Ncube is yet to file his response.

In its declaration CBZ said in terms of a written agreement concluded between the parties, it loaned and advanced $50 000 to Ncube, but despite his continued acknowledgement of the debt, "he has failed to repay the cash together with interest.

"It was agreed that interest would accrue on the loaned amount at the plaintiff's (CBZ) minimum lending rate from time to time, which was 8% per annum at the time and would be calculated on the daily balance and compounded on a monthly basis," the bank said.

"Wherefore, the plaintiff claims against the defendant (Ncube): — payment of the sum of $100 222 due in respect of the moneys loaned and advanced to the defendant, which the defendant failed to repay to the plaintiff with interest thereon by the due date and despite demand.

"Interest on the sum of $100 222 at the plaintiff's penalty rate from time to time currently being at 20% per annum, calculated on the daily balance and compounded on a monthly basis, with effect from date of judgment to the date of payment in full plus collection commission."

The matter is still pending.


- newsday

 0

You May Like These Videos

Comments

There are no comments.

Latest stories

Omega Sibanda launches his Zanu-PF campaign

by Staff reporter | 21 June 2018 | 88 Views

Chinamasa proud of bins ceremony

by Staff reporter | 21 June 2018 | 106 Views

Mnangagwa to tour Ekusileni

by Staff reporter | 21 June 2018 | 86 Views

Andy Muridzo wife refuses to kiss him in public

by Staff reporter | 21 June 2018 | 117 Views

Omega Sibanda launched his Zanu-PF campaign

by Staff reporter | 21 June 2018 | 82 Views

Spot FM changes name to Classic263

by Ndou Paul | 21 June 2018 | 56 Views

Mnangagwa takes campaign trail to Bulawayo

by Staff reporter | 21 June 2018 | 75 Views

ZESA employee electrocuted in Bulawayo

by Staff reporter | 21 June 2018 | 68 Views

Are tattoos good for our youths

by Tondorindo | 21 June 2018 | 74 Views

Welcome back our Original Mazoe drink

by Thomas Murisa | 21 June 2018 | 79 Views

Zanu-PF candidates threatening to shut down churches in Hobhouse

by Fanuel Chinowaita | 21 June 2018 | 88 Views

Mnangagwa to resume issuance of grants

by Staff reporter | 21 June 2018 | 69 Views

Your success is in your state of mind

by Enos Denhere | 21 June 2018 | 66 Views

Chamisa showed his true colours when he chose Mugabe over Khupe

by Anthony Mkondo | 21 June 2018 | 87 Views

Mutsvangwa barred from evicting Chipanga from farm

by Staff reporter | 21 June 2018 | 97 Views

Parly exposes Obert Mpofu

by Staff reporter | 21 June 2018 | 94 Views

Mugabe ally in court over political violence

by Staff reporter | 21 June 2018 | 82 Views

Chamisa to boycott Zimbabwe polls?

by Staff reporter | 21 June 2018 | 142 Views

WATCH: Zanu PF, MDC Alliance square off in TV debate

by CNBC Africa | 21 June 2018 | 116 Views

Woman to contest DNA test for 3rd time

by Staff reporter | 21 June 2018 | 118 Views

MTN increase LTE coverage and download speeds

by MyBroadband | 21 June 2018 | 75 Views

Mutsvangwa booed, storms out of debate

by Staff Reporter | 21 June 2018 | 175 Views

#ChinamasaChallenge a hit on Twitter

by Ndou Paul | 21 June 2018 | 144 Views

Teachers slam Mnangagwa

by Staff reporter | 21 June 2018 | 118 Views

Spot FM Zimbabwe change name to Classic263

by Ndou Paul | 21 June 2018 | 101 Views

Zuma warned Chamisa against pact with Mugabe

by Staff reporter | 21 June 2018 | 201 Views

Mugabe's health condition 'is nothing serious'

by AFP | 21 June 2018 | 93 Views

Mukupe ordered to return journalist's cellphone

by MISA | 21 June 2018 | 86 Views

Cleansing ceremony for Gweru- Kwekwe highway black spot

by Staff reporter | 21 June 2018 | 143 Views

.Man hangs self in neighbour's yard

by Staff reporter | 21 June 2018 | 166 Views

Peter Ndlovu's story told in World Cup advert

by Staff reporter | 21 June 2018 | 183 Views

Banks set to cut transaction costs

by Staff reporter | 21 June 2018 | 148 Views