Former Energy Minister Taken To Court Over US$121 000 Debt

Former Energy minister Samuel Undenge has been taken to the High Court by CBZ Bank Limited over a US$121 062 debt.

CBZ Bank Limited recently issued summons against Undenge, who is yet to respond to the litigation. According to CBZ, Undenge approached the financial institution on November 12, 2009 and was offered a loan facility. The amount given to Undenge did not exceed US$48 000. Undenge and CBZ agreed the working capital facility would expire on April 30, 2010 and the input facility on June 30, 2010.

As part of the agreement, the bank reserved the right to give notice of any alteration in the rates of interest and thereafter the bank would be entitled to charge such other rates as it may prescribe.

More: NewsDay


Quick NetOne, Telecel, Africom, And Econet Airtime Recharge

If anything goes wrong, click here to enter your query.

Samuel UndengeHigh Court

Samuel Undenge is a Zimbabwean politician and a former member of the- Zanu- PF. He is the former Minister of Energy and Power Development.He is a Member of Parliament for Chimanimani East constituency in Manicaland province.In January of 2018 Undenge was arrested by the Zimbabwe... Read More About Samuel Undenge

The High Court of Zimbabwe is one of the Superior Courts of Zimbabwe. The High Court deals at first instance with all high value and high importance cases. It also has a supervisory jurisdiction over all subordinate courts and tribunals. Appeals from the High Court... Read More About High Court

Comments

Back to top

Write a Comment

Your email address will not be published.