Bank sues Chombo's ex-wife over debt

HARARE - Agricultural Bank of Zimbabwe (Agribank) has turned to arbitration courts after Home Affairs minister Ignatius Chombo’s ex-wife Marian failed to repay a  $13 000 debt on time.

Agribank advanced the $13 000 to Marian’s Allan Grange Farm through a maize loan facility.

The court heard that Agribank opened a $15 million maize facility during the 2012–13 farming season.

“In terms of the rollover agreement, plaintiff (Agribank) loaned and advanced to defendant (Marian) a total amount of $13 640 under the $15 million maize facility,” court papers say.

According to the agreement, the amount and interest were due and payable to Agribank on or before the end of April last year.

“It was a further term of the agreement that interest shall be charged on the loan amount at the rate of six percent per annum.

“It was further a term of the facility agreement that should the defendant default payment on the due date, the loan shall incur a default interest at the rate of 31 percent per annum,” the court head.

According to court papers, it was also a special condition of the agreement that interest was to be calculated on a daily basis on the capital sum and a penalty charge of six percent per month was payable on any default payments.

“In breach of its obligations, defendant has failed, neglected or refused to repay the loan in full such that as at 26th February, 2015, defendant was indebted to plaintiff….,” the court heard.

The bank is now demanding $10 539, 92, which it argued was the outstanding amount, an interest of $2 355, 90 and $868,26 for bank charges.

In her response, Marian, who is an A2 farmer at the Rafingora farm in Chinhoyi, said that the loan was premised on her occupancy of the farm.

She argued that she was asked to vacate the farm through a court order after the property was allocated to her ex-husband during a divorce settlement. She said she was challenging the ruling.

“Defendant accordingly pleads that by reason of the impulsion to comply with the court order, it became impossible for her to access the crop and pay the loan,” her lawyer argued.

She denied liability and argued that she was not in wilful default.

The matter is still to be finalised before the High Court.

Comments (2)

All present and past Zanu pf thieves / looters / extortionists need the noose treatment.

DogShagger - 10 November 2015

Let us all pray for our country Zimbabwe. God is our healer. Let us ask God to forgive our wrongs. Ask God to intervene in the affairs of our nation. Let us come against misrule, corruption and injustices. God is our only answer. Pray for God to guide those who rule over us.

Dzvuke Muchaina - 11 November 2015

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