Mujuru fights property seizure

 Mujuru fights property seizure
Published: 21 September 2019 (163 Views)
FORMER vice president Joice Mujuru risks losing property worth US$76 000 at her company, Ruzirun Investments (Pvt) Ltd, following a dispute over a debt emanating from the purchase of agriculture equipment.

Mujuru and Ruzirun Investments have filed an urgent chamber application in the High Court citing Peppy Motors (Pvt) Ltd trading as Agritech, Sabrina Sarpo, TonySarpo, and the sheriff of the court to stop seizure of their property.

Mujuru wants the High Court to declare that Z$76 000 shall be the instalment fulfilling their obligations in the deed of settlement entered with Agritech and stay of a writ of execution authorising attachment of moveable property at the farm.

The court heard that Agritech obtained a loan from Steward Bank and purchased various farming equipment which was later sold to Mujuru in 2015.

The parties entered into a deed of settlement on May 25 aware that Statutory Instrument 33 of 2018 stipulated that all assets and liabilities that were in US dollars were from the effective date deemed valued at par with the RTGS dollar.

However,after receiving Z$76 000, the respondents requested that the payment be made in US dollars at the interbank rate.  
On September 18, the sheriff went to Mujuru's Ruzambu farm with a writ of execution intending to attach property.

The parties had incorporated a deed of settlement resulting in a consent order that was entered into on May 20 this year.

However, Mujuru later sought rescission of the order arguing the amount was Z$76 000 which was to be paid in line with clause eight of the deed of settlement and yet respondents averred that it was US$76 000 that ought to be paid.

"It is pertinent to state that Steward Bank, to which the respondents seek to repay the loan is receiving repayments which they advanced to customers in US dollars at the rate of one--to-one and have not asked customers to repay at the interbank rate," Mujuru said.

"Apart from this court's urgent intervention, respondents will sell the said moveable property which belongs to the applicants who will suffer humongous proprietary losses and leave their eighty employees in untold travail and tribulation."

- dailynews

Tags: Mujuru,
 

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