Former newscaster fails to repay $116k

HARARE – Former Zimbabwe Broadcasting Corporation (ZBC) newscaster Walter Mupfanochiya has been dragged to the High Court for failing to pay back $116 000 owed to CBZ Bank.

Zimbabwe’s biggest banking group CBZ Holdings on Tuesday filed summons citing Mupfanochiya and Claris Media Vambe as respondents.

According to court papers, Mupfanochiya has always been the bank’s customer.

Subject to availability of funds, according to court papers, Mupfanochiya was entitled to draw the sum not exceeding $78 000 and was to be charged interests in the event he exceeded the stipulated limit or defaulting to pay back the money.

In terms of the agreement, Vambe bound herself as a surety and co-principal debtor.

“Plaintiff would be entitled to charge and debit the first defendant’s account with interest compounded monthly on the daily balance owing by first defendant from time to time at the current bank overdraft interest rates prevailing from time to time in accordance with fluctuations in interests rates.

“Plaintiff would be entitled to debit first defendant’s overdraft account with advances, bank charges, interest and other charges in accordance with ordinary banking practice. The balance on the bank overdraft would be payable on demand. That in the event of plaintiff taking legal action to recover the amount owed the defendants would be liable for costs on an attorney and client scale,” the court heard.

The court further heard, pursuant to the agreement, Mupfanochiya withdrew $83 541, 70.

“In accordance with the terms of the agreement and/or ordinary banking practice, plaintiff charged interest to the amount, which interest varied from time to time in the aggregate sum of $83 312, 48…The plaintiff’s current minimum lending rate of interest is 16 percent per annum.

“Further in accordance with the terms of the agreement and/or ordinary banking practice, plaintiff debited first defendant’s account with bank charges in the aggregate sum of $383, 95…,” the court heard.

However, CBZ said despite demand, Mupfanochiya has failed to pay back the amount due.

As at December 2017, the outstanding balance on the overdraft account was $116 469, 58 made up of an outstanding capital of $58 127, 19, outstanding interest $58 127, 19 and outstanding charges of $215, 20.

Mupfanochiya has not yet responded to the application.

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