Chombo Taken To Court By Agribank

Agribank has approached the courts seeking to recover a real time gross settlement of a (ZWR) $33 720 loan advanced to former Finance minister Ignatius Chombo.

Chombo was given the loan six years ago. He was issued with the court summons recently and is yet to respond to the litigation.

Agribank says Sometime in January 2013, Chombo was granted a loan facility of US$30 000. In terms of the facility agreement he was supposed to settle the debt by October 31, 2013.  Said the Agribank:

In terms of the loan facility agreement, payment of the full amount fell due on October 31, 2013. Penalty interest began to run at the rate of US$18 per annum from the date of maturity. In default and, therefore, in breach of the agreement between the parties, the defendant has failed to pay the capital sum and interest thereon in the sum of ZWR$33 720,55.

Just recently, the High Court dismissed Chombo’s application for permanent stay of prosecution in a matter in which he is facing a number of criminal cases involving corruption, fraud and criminal nuisance.

More: NewsDay

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