Chipinge South legislator Enock Porusingazi’s farm equipment and vehicles worth $99 000 have been attached over an outstanding loan with Interfin Banking Corporation Limited. The property includes; Combine harvester (wheat) serial number 580R205763, three tractors, Ford Everest (ACY3330), Mercedes Benz (ACI 1667) and a Toyoace Truck (ADG 9684).
Porusingazi entered an agreement with the bank which resulted in hundreds of thousands of dollars being extended to him in batches, but failed to fully service the loan. By February 11 2011, he had partly paid back the loan but left a balance of $80 024 plus interest. Interfin Bank, through Mr Raymond Nembo of Sawyer and Mkushi law firm issued summons against the politician at the High Court. Justice Owen Tagu in 2014 ordered Cde Porusingazi to pay $94 371 plus interest calculated at the rate of 15 percent per annum from July 2013 to date of payment in full.
A writ of execution was obtained against Porusingazi and property was attached at the politician’s Middle Sabi farm in Chipinge. When the property was attached, Porusingazi engaged the bank for a settlement and managed to stop execution. The property remained under judicial management for some time, but no payment has been effected. Interfin Bank’s lawyers last week instructed the Sheriff to remove the attached property and take it for auctioning.
More: Herald
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