Former Zanu-PF youth secretary Kudzanayi Chipanga has been taken to the High Court by CBZ bank, which is seeking to recover over $62 000 he obtained through an overdraft facility six years ago. CBZ is also seeking an order to attach his property to recover the money. Chipanga is yet to make an appearance to defend.
CBZ said it entered into an agreement with Chipanga in January 2012 granting him a revolving overdraft facility of $31 000, which was repayable with 15% interest on the expiry date, being September 30, 2013. The bank Chipanga would be penalised if he failed to service the debt.
CBZ argues Chipanga has acknowledged that he owes the bank and has made part-payments towards the settlement of the debt. He last paid the bank on February 19, 2018 and despite a demand letter dated February 9, 2017, he failed to pay the amount due to CBZ.
More: Standard
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