NMB Bank founder to pay back $1.1m

NMB Bank founder to pay back $1.1m
Published: 25 March 2019 (170 Views)
Former NMB Bank founder Mr Julius Makoni started his banking business with the intention to harvest money from the financial institution for himself, the High Court ruled in a case in which the banker was refusing to settle more than $1.1 million advanced to one of his Trusts.

Justice Happias Zhou made the remarks in the judgment forcing the banker to settle his debt with his former bank to the tune of $1 105 748. 90.

NMB had sued Mr Makoni for a composite facility of call loans and overdraft of $760 000 extended to The Time Being of Cornerstone Trust, a vehicle he operated to access money from bank.

The banker and his other trust, The Time Being of Ryvonne Trust bound themselves as sureties and co-principal debtors.

After a fully contested civil trial, Justice Zhou ruled in favour of NMB, which was being represented by Advoacte Thabani Mpofu, and threw out Mr Makoni's defence to the claim as unconvincing.

The judge also allowed NMB Bank to sell the banker's mortgaged property to recover the debt.

"It is ordered that payment of US$1 105 748.90 plus interest thereon at the rate of 15 percent per annum from the 9th September 2015 such interests calculated monthly and in advance on the said sum and capitalised to the date of payment in full," said Justice Zhou.

The judge allowed the bank to attach Mr Makoni's piece of land known as Remainder of Lot 6 of Rienfontein measuring 1, 2129 hectares.

In his scathing judgment, Justice Zhou rapped Mr Makoni for attempting to hoodwink the court, in a case which was backed by documentary evidence, describing him as a dishonest person.

- the herald

Tags: Makoni, NMB, Bank,
 0

You May Like These Videos

Comments

There are no comments.

Latest stories

Happy Independence day 2019, Zimbabwe

by Staff reporter | 18 April 2019 | 74 Views

Belarus' aeroplane with food for Zimbabweans arrives

by Mandla Ndlovu | 18 April 2019 | 116 Views

Vuzu parties trigger storm

by Staff reporter | 18 April 2019 | 110 Views

We've failed to guard our independence

by Harry Peter Wilson | 18 April 2019 | 85 Views

Trump congratulates Zimbabwe

by Staff reporter | 18 April 2019 | 119 Views

'No top positions for Zanu-PF returnees'

by Staff reporter | 18 April 2019 | 106 Views

Man kidnaps his in-laws, jailed

by Staff reporter | 18 April 2019 | 83 Views

Zimbabwe Bird is part of the problem, says Chamisa

by Staff reporter | 18 April 2019 | 78 Views

Mnangagwa warns businesses not to invite price controls

by Staff reporter | 18 April 2019 | 74 Views

Gumede appointed Bosso President

by Staff reporter | 18 April 2019 | 71 Views

Boarding schools hike fees

by Staff reporter | 18 April 2019 | 74 Views

Beitbridge Border staff braces for holiday influx

by Staff reporter | 18 April 2019 | 65 Views

Pauline claims cyber-attacks

by Staff reporter | 18 April 2019 | 50 Views

Chiyangwa transactions haunt new Zifa executive

by Staff reporter | 18 April 2019 | 71 Views

Meat shortages loom

by Staff reporter | 18 April 2019 | 68 Views

Prison officer smokes out goats thief

by Staff reporter | 18 April 2019 | 66 Views

Zimbabwe's version of disaster capitalism, couched as resilience

by Takura Zhangazha | 18 April 2019 | 58 Views

Clerk tampers with court records

by Staff reporter | 18 April 2019 | 67 Views

Mesi roped into anti-drug campaign

by Staff reporter | 18 April 2019 | 53 Views

State moves to impeach witness for siding with Parirenyatwa

by Staff reporter | 18 April 2019 | 65 Views

MDC MP Hwende seeks removal from remand

by Staff reporter | 18 April 2019 | 62 Views

Panner escapes death after stomach ripped to retrieve gold

by Staff reporter | 18 April 2019 | 60 Views

Parly committees probe Chiredzi child prostitution

by Staff reporter | 18 April 2019 | 43 Views

Mnangagwa ducks Chief Bere installation

by Staff reporter | 18 April 2019 | 28 Views

Chipinge white farmer's case takes new twist

by Staff reporter | 18 April 2019 | 33 Views

Why should I go to church when it is full of hypocrites?

by Ashley Thaba | 18 April 2019 | 76 Views

Fugitive murder suspect threatens witnesses

by Staff reporter | 18 April 2019 | 28 Views

DNA tests confirm MDC activist's dumped body

by Staff reporter | 18 April 2019 | 39 Views

Zimbabwe youths win Generation Unlimited Youth Challenge

by Staff reporter | 18 April 2019 | 27 Views

Chamisa extends lead, as Mudzuri gets first VP nomination

by Staff reporter | 18 April 2019 | 36 Views

Nothing to show for it, 39 years on

by Editorial - Daily News | 18 April 2019 | 58 Views

Prosecutors discredit evidence in Parirenyatwa trial

by Staff reporter | 18 April 2019 | 29 Views

MDC official finally buried

by Staff reporter | 18 April 2019 | 30 Views

Zimbabwe marks 39th Independence Day amid economic crises

by Staff reporter | 18 April 2019 | 72 Views

MDC leaders in court over 2016 demo

by Staff reporter | 18 April 2019 | 29 Views

Chamisa wins as High Court dismisses bid to stop congress

by Staff reporter | 18 April 2019 | 80 Views