Source: Pandhari Lodge sued over $7m debt – DailyNews Live
Tendai Kamhungira 13 March 2018
HARARE – Pandhari Lodge (Private) Limited, an accommodation and conference
facility centre in Harare, has been dragged to the High Court for
allegedly failing to repay a $7 million debt to the Zimbabwe Asset
Management Corporation (Private) Limited (Zamco).
According to the court papers, the applicant is Zamco, while Pandhari
Lodge together with Keter Trading (Private) Limited, Sunday Chifamba and
Swisidhai Nyamupfukudza, are cited as respondents.
Zamco’s mandate, according to court papers, is to “acquire, restructure,
deal with or otherwise dispose of non-performing loans by purchasing the
same.”
“At the specific request and instance of the first defendant (Pandhari
Lodge), the plaintiff (Zamco) purchased and acquired the following
non-performing loans: $125 502, 02 from Agriculture Bank of Zimbabwe on
February 29, 2016, $2 243 677, 87 from CBZ Bank Limited on the March 3,
2016 and $3 907 274, 17 from CABS,” the court was told.
According to court papers, the parties entered into a facility agreement
in the sum of $6 602 791, 97 on December 16, 2016, under the terms that
Pandhari Lodge was supposed to pay capitalised insurance premiums on
behalf of Zamco to Nicoz Diamond Insurance Company Limited on September
28, last year.
It was also part of the agreement that “the first defendant was to pay the
restructuring fee which was to be one percent of the purchased
non-performing loans calculated on the daily debit balance and compounded
monthly at seven percent per annum, the first respondent was to commence
making quarterly instalment payments of $302 473, 50 from the July 31,
2017.”
According to court papers, for due performance of its obligations,
Pandhari Lodge ceded some of its mortgage bonds, which were in respect of
various properties in Harare’s Glen Lorne Suburb, to Zamco.
“For the due performance of first defendant’s obligations, the second
defendant (Keter Trading (Private) Limited) bound itself as a co-principal
debtor when it executed a Deed of Suretyship, co-principal debtorship and
guarantee with unlimited guarantees in favour of the plaintiff…As such
the second plaintiff is jointly and severally liable to pay and settle the
plaintiff’s claim,” reads part of the court papers.
According to the court papers, the various properties can now be mortgaged
in favour of the plaintiff and are specifically executable.
“The total amount outstanding as at January 5, 2018 is $7 111 732, 17 made
up of capital sum, $6 602 791, 97, insurance premium paid to Nicoz Diamond
Insurance Company Limited, $4 800, 48, capitalised upfront facility fee,
$62 764, 54 and interest in the sum of $441 375, 18.
The sum of $7 111 732, 17 continues to accrue interest on the daily debt
balance and compounded monthly at seven percent per annum from January 5,
2018 to date of payment in full.
“In breach of the facility letter and their guarantees, the defendants
have refused, neglected or failed to pay,” the court was told.
Pandhari Lodge is yet to respond to the summons.
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