Ex-newscaster to lose property over $500k debt

Source: Ex-newscaster to lose property over $500k debt – DailyNews Live

Tendai Kamhungira      28 April 2018

HARARE – Popular newscaster and former ZBC presenter Musorowegomo Mukosi
is set to lose property over a $500 000 CBZ Bank Limited (CBZ) debt.

According to a writ of execution directed to the Sheriff for Zimbabwe from
the High Court registrar – issued on April 11, this year, Mukosi is set to
lose several movable properties.

“You (Sheriff for Zimbabwe) are required and directed to attach and take
into execution the movable goods of … Mukosi,…of Subdivision 3, Dombie
Estate, Marondera, and of the same cause to be realised the sum of $328
077, 87, together with interest amounting to $239 623 and bank charges
amounting to $252, 13, interest to be calculated on the outstanding
capital amount at the rate of 18 percent per annum calculated from the
November 9, 2015 to date of full and final payment, and cost of suit and
charges of CBZ Bank Limited…,which they recovered by judgment of this
court dated the 12th of September, 2016…,” the writ of execution reads.

This comes after High Court judge Esther Muremba handed down an order in
favour of the bank, after the parties agreed to an order by consent.

According to a deed of settlement signed between the parties, Mukosi was
supposed to have paid $15 000 by end of December 2016 and thereafter pay
$5 000 every month.

According to court papers, Mukosi and the bank signed an overdraft
facility agreement in March 2012.”The terms of the agreement were inter
alia, that: defendant (Mukosi) would access a sum of not more than $305
000, that the loan facility would accrue interest at three percent plus 12
percent margin flat plus three percent establishment fees, the bank
reserved its right to review interest from time to time currently it is at
18 percent per annum,” the court heard.

It was also part of the agreement that in the event of the bank taking
legal action to recover the money, Mukosi would be liable to pay the

“The defendant signed binding himself to repay on demand by plaintiff, all
sums due and owing to plaintiff from time to time and arising from the
facility. As at 9 November, 2015, the amount outstanding in the account as
capital sim was $328 077, 87 while interest stood at $239 623, 93.

“Defendant breached the agreement by failing, neglecting or refusing to
repay the amount advanced to them of the facility and/or upon demand,” the
court further heard.