High Court orders Cain Mathema to repay $50 000 loan to Agribank

Bulawayo High Court judge Justice Nokuthula Moyo ordered Matabeleland North Provincial Affairs and Zanu-PF politburo member Minister Cain Mathema to repay a $50 000 loan he got from the Agricultural Bank of Zimbabwe (Agribank) three years ago to fund his irrigation project.

Mathema was also ordered to pay legal costs incurred by the bank on an attorney-client scale. In November 2013 Agribank gave Mathema a loan of $27 900 for him to purchase drip irrigation equipment. According to the terms and conditions of the agreement, the loan attracted an interest of 21,5 percent per annum. Mathema only paid $5 500 on June 23 in 2015 and defaulted. Justice Moyo delivered a default judgement and ordered Mathema to pay $50 164,87 and interest calculated at the agreed rate of 21,5 percent from the date of summons to the date of full payment.

More: Chronicle

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