Businessman faces civil imprisonment

Businessman faces civil imprisonment

Source: Businessman faces civil imprisonment | Daily News

HARARE – TETRAD Investment Bank Limited (Tetrad) has applied for civil imprisonment of  businessman Jameson Rushwaya after he allegedly failed to pay $174 000 owed to the financial institution.

Tetrad Investment Bank is part of the Tetrad Group, a Zimbabwe-based organisation with interests in the financial services sector, insurance, property and other areas of commerce.

Tetrad Investment Bank is currently under liquidation and the Deposit Protection Corporation (DPC) is looking for new investors to acquire the financial institution for $25 million after creditors agreed to accept shares and cash, leaving the troubled bank with a clean balance sheet.

This comes after the High Court in February 2014 ordered Rushwaya’s firm to pay back $174 012, 95 to the bank but failed to do so.

According to the summons for civil imprisonment, Tetrad is seeking the jailing of Jameson and Annie Rushwaya for failing to satisfy the court order.

“You, the first and second defendants (Jameson and Annie) are called upon to jointly and severally the one paying the other to be absolved to plaintiff the sum of $174 012, 95 with interest thereon at the rate of 23 percent per annum calculated from the 8th of January 2018 to the date of payment in full.

“You are required to pay this sum by virtue of a judgment obtained against you in the High Court at Harare on the 3rd of February 2014. You were also ordered to pay costs of suit on the higher scale of legal practitioner and client,” the summons read.

The High Court is today expected to deal with the application for civil imprisonment.

“If you fail to pay the sum specified above, you must appear before the High Court at Harare…to explain why you have not paid it and show cause why an order for your imprisonment should not be made in account of your failure to pay,” the summons read.

In terms of the summons, the Rushwayas were also asked to bring evidence of their income from wages, salary or any other income from any other source. They were also asked to bring evidence of their expenses backed by receipts or any dependents.

“The court will conduct an inquiry into your financial position and depending on the circumstances, it may not commit you to prison but instead give you further time to pay the sum due or direct you to pay it in installments over a specified period of time,” the summons stated.