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Chipanga sued over $62k debt

Former Zanu PF youth secretary Kudzanai Chipanga has been taken to the High Court by CBZ bank, which is seeking to recover over $62 000 he obtained from the financial institution through an overdraft facility six years ago.

BY CHARLES LAITON

The bank is also seeking an order to attach his property to recover the money.

Chipanga, who is also the former Makoni West MP, was issued with summons by the bank last Wednesday under case number HC4277/18 and is yet to enter his appearance to defend.

CBZ said it entered into an agreement with the politician in January 2012 granting him a revolving overdraft facility of $31 000, which was repayable with interest on the expiry date, being September 30, 2013.

“It was a term of the agreement that interest would accrue on the amount drawn under the overdraft facility at the plaintiff’s (CBZ) minimum lending rate from time to time, which was 15% per annum, calculated on the daily balance compounded on a monthly basis,” the bank said in its declaration.

“In the event of a default such interest would accrue at the plaintiff’s penalty rate from time to time…despite utilising the overdraft facility. Defendant (Chipanga) breached the agreement when he failed to repay the amounts drawn together with interest thereon on the due date.”

Chipanga’s failure to service the loan then prompted the bank to approach the court for recourse after all its efforts to recover the money yielded nothing.

“Defendant has always acknowledged his indebtedness to the plaintiff and has made part-payments towards the settlement of the acknowledgement of debt, the last of which was paid on February 19, 2018 and nothing has thereafter been paid,” the bank said.

“Despite a demand letter dated February 9, 2017, defendant failed to pay the amount due to the plaintiff.

“In terms of the notarial general covering bond number 1041/2012 dated January 18, 2012, defendant bonded all his movable property as security for repayment of his indebtedness to the plaintiff.

“Accordingly, the said movable property must be declared to be specially executable.”
The matter is pending.

3 Responses to Chipanga sued over $62k debt

  1. Voice of Reason May 14, 2018 at 1:43 pm #

    CBZ, being a ZANU PF bank, can only wait until after someone is ousted from the party to go after them. Chipanga is not the only one who owes the bank. There are many others still within the party who are spared from litigation simply because they are still ZANU PF members. ED must walk the walk. When he says there will be no sacred cows, that stance should be extended to such issues as unpaid debts.

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  3. Luke Munya Mabika May 15, 2018 at 4:51 pm #

    Very true Voice Reason,quite a number of zanu pf members especially the leaders have benefitted from CBZ loans which they never pay back.I know of quite some Zanu pf guys who boast about getting loans from CBZ which they never pay back.They have benefited more than the CBZ workers and these loans were taken as loans for youth projects.Its only that CBZ has been Zanunised to an extend that it is a taboo to ask Zanu pf activists to pay back their loan.Chipanga is now in the cold and is now an easy target to drag to court.Why was the bank not asking for their loan repayment for the past six years?Zanu pf has killed almost everything it gets contact with.Farm,mines,cash,education,hospitals,it has destroyed everything with reckless abandon.

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