HARARE – Agricultural Bank of Zimbabwe (Agribank) has dragged the former Zanu PF youth secretary Kudzanai Chipanga to court seeking to recover a $40,000 debt.
The bank wants a court to allow the forfeiture of a $42,000 property used by Chipanga as security for the loan.
According to the bank, the former Makoni West MP received a loan from the financial institution seven years ago but has since failed to fulfil the terms and conditions of the loan, prompting the bank to take legal action.
“In December 2012, at Harare, the plaintiff (Agribank) and defendant (Chipanga) entered into an agreement in terms of which the plaintiff granted a loan of US$30,000 to the defendant under the Maize Facility Scheme and was supposed to be fully paid on or before October 31, 2013,” the bank said in a High Court filing.
“The defendant failed or neglected to pay the amount owing as per the due dates for repayment in the respective loan facility agreement. Defendant tendered property as security for US$42,000 over movable property. Property belongs to the defendant; plaintiff prays that the property be specially executable.”
Chipanga was ousted as youth league boss in November 2017 when the military removed former President Robert Mugabe in a military coup, scattering his Zanu PF backers. – ZimLive
