Source: Ex-VP Mujuru fights liquidation | The Herald September 24, 2019
Fungai Lupande Senior Court Reporter
Former Vice President Joice Mujuru and her company, Ruzirun Investments, have approached the High Court seeking an order stopping a couple she owes money from attaching her property as she fears going “under liquidation or facing multiple claims”.
Mujuru owes over US$226 000 to Sabrina and Tony Sarpo, through their company Peppy Motors (Pvt) Ltd, which is demanding the money at the interbank rate.
In her application for stay of execution, Mujuru said the company had issued a writ of execution and notice of attachment despite an application for rescission of judgment under HC6283/19.
“The applicant will suffer proprietary and pecuniary losses and the execution will leave the applicants’ 80 employees in untold tribulation,” Mujuru’s lawyers argue.
“Execution by the respondents will not end the applicant’s miseries, its inability to pay off the other creditors will invariably mean that it will have to go under liquidation or face multiple claims which will result in the loss of all its assets.”
Sometime in 2012, Sabrina and Tony Sarpo, who are in the business of selling agriculture and farming equipment, obtained a loan from Steward Bank which they used to obtain various farming machinery.
They sold the equipment to Mujuru’s company and an agreement of sale was entered into on July 25, 2015. The couple issued summons under HC2954/18 for payment of outstanding amounts and interests. Parties entered into a deed of settlement on May 25, this year after Statutory Instrument 33 of 2019 had been gazetted.
The applicant interpreted that the debt though denominated in US$, could be paid by RTGS dollars. First payment of $76 000 was made on June 5 this year. Four days later, the applicant requested payment at interbank rate.
In the deed of settlement, parties agreed that Mujuru pays the capital sum of $226 000 and $226 000 in interest. She was also to pay the capital debt within three months in monthly instalments of $76 000.