Mujuru swims in US$450 000 debt

Mujuru swims in US$450 000 debt
Published: 27 May 2019 (174 Views)
Former Vice President Joice Mujuru has been forced to settle her debt amounting to US$452 000 with Peppy Motors that supplied tractors to her company, Ruzirun Investments, five years ago.

Mujuru was dragged to the High Court as Peppy Motors, represented by its lawyer Mr Tapson Dzvetero, sought to recover the money it paid to Mujuru's bank, Stewart Bank.

She had entered into a loan facility agreement in terms of which Steward Bank advanced a capital sum of US$350 000 for the purchase of various tractors from Peppy Motors. The maturity date was July 31, 2013.

Sarbrina and Tony Sarpo of Peppy Motors bound themselves as surety to the loan advanced to Mujuru by her bank.

In its claim filed at the High Court, Peppy Motors now seeks an order compelling Mujuru and her company Ruzirun Investments (Pvt) Ltd, to settle the debt now standing at US$387 583.22.

During a pre-trial conference before Justice Priscilla Munangati-Manongwa, Mujuru's lawyers concede they had no defence and chose to hammer a settlement. This will give the former VP a chance to liquidate her debt with Peppy Motors.

According to the deed of settlement, Mujuru will now pay US$452 000 with effect from June 30 this year.

"Judgment with cost on a legal practitioner's scale be and is hereby entered against the first and second defendants (Mujuru and Ruzirun Investments) jointly or severally the one paying the other to be absolved from the payment of (a) US$226 000 being the capital debt due to the plaintiff (Peppy Motors), (b) US$226 000 being the interest on capital debt due to plaintiff," the consent order read.

It was also agreed that the capital debt, interests and costs of suit shall be paid in terms of a deed of settlement executed between the parties with effect from June 30, this year.

- chronicle

Tags: mujuru, debt, court,
 0

You May Like These Videos

Comments

There are no comments.

Latest stories

Zimbabwe bans use of US Dollar and Rand

by Mandla Ndlovu | 24 June 2019 | 31 Views

Jonathan Moyo says Mthuli Ncube must be stripped off degree

by Mandla Ndlovu | 24 June 2019 | 28 Views

Evidence that Shonas arrived in Zimbabwe 300 years ago (1700's)

by Ndzimu-unami Emmanuel Moyo, PMP | 24 June 2019 | 15 Views

ED full speech at AU - UN summit in Vic Falls

by President ED Mnangagwa | 24 June 2019 | 16 Views

ZESA plunges Lobengula into darkness for 2 months

by Mandla Ndlovu | 24 June 2019 | 24 Views

Massive demonstrations against Mthuli Ncube planned

by Mandla Ndlovu | 24 June 2019 | 33 Views

Mthuli Ncube bans use of US Dollar and Rand

by Mandla Ndlovu | 24 June 2019 | 214 Views

Jonathan Moyo says Mthuli Ncube must be stripped of degree

by Mandla Ndlovu | 24 June 2019 | 156 Views

Chiwenga and Mnangagwa's fight reaches boiling point

by Itai Mushekwe | 24 June 2019 | 213 Views

Police arrest Harare drug syndicate

by Mandla Ndlovu | 24 June 2019 | 102 Views

Chamisa condemns Ethiopia coup attempts

by Staff Reporter | 24 June 2019 | 106 Views

Mthuli Ncube engages journalists

by Staff Reporter | 24 June 2019 | 90 Views

Zim Dollar back?

by Staff Reporter | 24 June 2019 | 137 Views

Mthuli Ncube speaks of Zim dollar imminence

by Staff Reporter | 24 June 2019 | 143 Views

The civil servants problem

by Clemen Moyo | 24 June 2019 | 93 Views

Mnangagwa poisoning; new details emerge

by Mandla Ndlovu | 24 June 2019 | 151 Views

Mthuli Ncube criminalises use of US Dollar and Rand

by Mandla Ndlovu | 24 June 2019 | 123 Views

Jilted man jailed for setting mother-in-law's house ablaze

by Simbarashe Sithole | 24 June 2019 | 94 Views

Another soldier in the suspected armed robbery nabbed

by Simbarashe Sithole | 24 June 2019 | 129 Views

Mnangagwa to open EU-UN Wildlife Economy Summit

by Staff Reporter | 24 June 2019 | 96 Views

Zimbabwe has enough forex, says Chamisa

by Staff Reporter | 24 June 2019 | 133 Views

US tells Mnangagwa to stop interfering with trade unions

by Staff Reporter | 24 June 2019 | 113 Views

Civil servants get pay rise

by Staff Reporter | 24 June 2019 | 163 Views

Nurses call off strike

by Staff Reporter | 24 June 2019 | 88 Views

Arrest thieving Zifa officials

by Staff Reporter | 24 June 2019 | 96 Views

Byo residents up in arms with Zesa

by Staff Reporter | 24 June 2019 | 79 Views

WATCH: Malawi Army steps in

by Mandla Ndlovu | 24 June 2019 | 140 Views

MDC blasts war veterans

by Simbarashe Sithole | 24 June 2019 | 72 Views

Zanu PF youths warned against abusing Mnangagwa's name

by Staff Reporter | 24 June 2019 | 70 Views

Zimbabwe has so far paid $53m to former white farmers

by Staff reporter | 24 June 2019 | 62 Views

Tongaat gazettes retail sugar prices

by Staff reporter | 24 June 2019 | 90 Views

China sends doctors to Zimbabwe

by Staff reporter | 24 June 2019 | 66 Views

Ugandan coach makes U-turn on Warriors

by Staff reporter | 24 June 2019 | 81 Views

Mthuli Ncube interacts with journalists

by Staff reporter | 24 June 2019 | 49 Views

'Moving to SA doesn’t guarantee success'

by Staff reporter | 24 June 2019 | 59 Views

Pregnant pupils divide Parliament

by Staff reporter | 24 June 2019 | 63 Views