CBZ sues MDC president over $100k debt

MDC Alliance spokesperson Professor Welshman Ncube

MDC president Welshman Ncube has been taken to court by CBZ Bank, which is seeking an order compelling him to settle an over $100 000 loan advanced to him in January 2010.

BY CHARLES LAITON

The bank issued summons against Ncube on May 22, 2018 through its lawyers Costa and Madzonga Legal Practitioners and Ncube is yet to file his response.

In its declaration CBZ said in terms of a written agreement concluded between the parties, it loaned and advanced $50 000 to Ncube, but despite his continued acknowledgement of the debt, “he has failed to repay the cash together with interest.

“It was agreed that interest would accrue on the loaned amount at the plaintiff’s (CBZ) minimum lending rate from time to time, which was 8% per annum at the time and would be calculated on the daily balance and compounded on a monthly basis,” the bank said.

“Wherefore, the plaintiff claims against the defendant (Ncube): — payment of the sum of $100 222 due in respect of the moneys loaned and advanced to the defendant, which the defendant failed to repay to the plaintiff with interest thereon by the due date and despite demand.

“Interest on the sum of $100 222 at the plaintiff’s penalty rate from time to time currently being at 20% per annum, calculated on the daily balance and compounded on a monthly basis, with effect from date of judgment to the date of payment in full plus collection commission.”

The matter is still pending.