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 (193 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

Mwonzora's law firm fails to pay rent

by Staff reporter | 26 June 2019 | 53 Views

It will be easier for Zimbabweans to emigrate to the UK

by Staff reporter | 26 June 2019 | 62 Views

MDC statement on victims of torture

by MDC Youth Assembly | 26 June 2019 | 64 Views

Zimbabwe could be plunged into total darkness

by Staff Reporter | 26 June 2019 | 88 Views

Mthuli Ncube mops up $190m local liquidity to support Zimdollar

by Staff reporter | 26 June 2019 | 99 Views

Welshman Ncube's brother appointed Supreme Court judge

by Mandla Ndlovu | 26 June 2019 | 89 Views

Forex withdrawals still permissible

by Staff reporter | 26 June 2019 | 66 Views

Zanu-PF unveils Nkayi south bye-election candidate

by Staff reporter | 26 June 2019 | 60 Views

Mnangagwa backs youths

by Staff Reporter | 26 June 2019 | 65 Views

Zimbabwe Warriors held

by BBC | 26 June 2019 | 53 Views

MP demands Mnangagwa appears before Parliament

by Staff reporter | 26 June 2019 | 52 Views

Zimbabwe's new currency on the way

by newzimbabwe | 26 June 2019 | 62 Views

Some road construction companies short-changed us

by Thomas Murisa. | 26 June 2019 | 59 Views

LIVE: Tendai Biti responds to Mthuli Ncube

by Mandla Ndlovu | 26 June 2019 | 56 Views

Stop the stigmatization, vitiligo is not a disease

by Thomas Murisa | 26 June 2019 | 51 Views

'Zimbabwe reaches a point of no return'

by Mandla Ndlovu | 26 June 2019 | 88 Views

Socio-economic Implications of banning the US Dollar

by ZIMCODD | 26 June 2019 | 99 Views

Zimbabwe now back to normalcy, says Mnangagwa

by Staff reporter | 26 June 2019 | 90 Views

Mthuli Ncube's currency move triggers chaos

by Staff reporter | 26 June 2019 | 115 Views

MDC to ramp up pressure on Mnangagwa

by Staff reporter | 26 June 2019 | 96 Views

Explosive Zanu-PF politburo meeting

by Staff reporter | 26 June 2019 | 109 Views

Jonathan Moyo begs Chiwenga for out of court settlement

by Staff reporter | 26 June 2019 | 84 Views

Domestic worker axes employers

by Staff reporter | 26 June 2019 | 65 Views

ZANU PF Youth leader speaks out

by Mandla Ndlovu | 26 June 2019 | 71 Views

'Chiwenga inspires African armies to commit coup'

by Mandla Ndlovu | 26 June 2019 | 105 Views

DEMOCRACY - A Citizen's Responsibility

by Agencies | 26 June 2019 | 95 Views

New twist to ZANU PF Youth corruption list

by Mandla Ndlovu | 26 June 2019 | 154 Views

Health consultation fee shoots up to ZW$1 800

by Mandla Ndlovu | 26 June 2019 | 108 Views

RBZ dismisses false reports on foreign currency

by Mandla Ndlovu | 26 June 2019 | 118 Views

David Coltart speaks on dialogue with Mnangagwa

by Mandla Ndlovu | 26 June 2019 | 141 Views

BREAKING: RBZ boss sues Zanu-PF

by Staff Reporter | 26 June 2019 | 122 Views

PHOTOS: Chinese nationals detain Temba Mliswa

by Mandla Ndlovu | 26 June 2019 | 117 Views

Zinara finance director arrested

by Staff reporter | 26 June 2019 | 169 Views

Zimbabwean exporters to continue getting US$

by Staff reporter | 26 June 2019 | 131 Views

Zimsec exam ID scam unearthed

by Staff reporter | 26 June 2019 | 137 Views

Obert Mpofu exposes 'lying' chief

by Staff reporter | 26 June 2019 | 197 Views

Mnangagwa claims that 'Country has returned to normalcy'

by Staff reporter | 26 June 2019 | 146 Views