Bank sues Kereke over $27 000 debt

It never rains, but pours for Bikita West MP Munyaradzi Kereke, who has, once again, been taken to the High Court by Stanbic Bank, which is seeking to recover over $27 000 advanced to him through an overdraft facility.

Source: Bank sues Kereke over $27 000 debt – NewsDay Zimbabwe May 18, 2016


The bank filed the lawsuit two weeks ago under case HC4499/16 after realising the Zanu PF legislator was not making any efforts to service the overdraft he acquired in October 2014.

Kereke, a former Stanbic acting managing director, has since filed an appearance to defend notice and is prepared to challenge the financial institution, when the matter is set down for hearing.

In its particulars of claim, the bank said in October 2014, Kereke was advanced $33 000 in terms of an overdraft facility agreement.

The bank further said Kereke duly utilised the facility and was currently owing $27 187,94.

Despite demand, the bank said, Kereke had allegedly failed to settle the debt, prompting the financial institution to approach the court for recourse.

“The defendant is also liable to pay interest at the rate of 23,85% per annum from March 1, 2016 to date of full and final settlement, together with costs of suit on a legal practitioner and client scale,” the bank said through its lawyers Atherstone and Cook.