BY OUR STAFF THE legal battle between Kiglon Bird boss Arthur Chitunhu and Kingdom Bank over his failure to repay a loan advanced to him by the bank is dragging on. Chitunhu is contesting the 12% interest rate charged by the bank.
Kingdom Bank’s legal representatives Sawyer and Mkushi served Chitunhu with summons before he, in turn, filed an appearance to defend. The matter is at plea stage and will be heard at pre-trial conference on a date yet to be announced.
Chitunhu’s legal representative Tavenhave and Machingauta Legal Practitioners filed an appearance to defend on January 13.
The dispute is now centred over the interest that Chitunhu is supposed to pay back after he was advanced a loan using his friend Farai Mbasera’s upmarket house as security to guarantee a loan advanced to the businessman by the bank in 2009.
The initial loan advanced was US$10 000 but it subsequently increased to around US$30 000 inclusive of costs.
