Home » Judicial » Interfin to Attach Edwin Tsvangirai’s Property

MDC-T leader Mr Morgan Tsvangirai’s son Edwin faces attachment of property after failing to repay a loan to the tune of US$107 544,25.

Tsvangirai borrowed the money from the struggling Interfin Banking Corporation in 2010, but breached the agreement after failing to pay back.

High Court judge Justice Priscilla Chigumba, yesterday granted Interfin’s application for provisional sentence compelling Tsvangirai to pay the money with interest.

That judgment gives Interfin green light to attach property in a bid to recover the debt. Interfin’s is under curatorship and the curator ,Mr Peter Bailey, filed summons for provisional sentence against Tsvangirai under High Court Number 4044 13 on May 24.

The financial institution entered an agreement with Tsvangirai and the money was extended to him as a loan in batches between February 28 and May 4, 2010.

Tsvangirai failed to pay back the money and he wrote to Mr Bailey on October 18, 2012 acknowledging the debt and undertaking to pay back the loan through six monthly instalments of US$17 000 each from November 30, 2012 to May 31 this year.

The seventh instalment was expected to clear the remainder, but Mr Tsvangirai failed to fulfil the proposed payment plan, prompting the bank to issue out the summons at the High Court claiming the outstanding US$107 544,25 debt.

The summons are based on the acknowledgement of debt by Tsvangirai dated October 18 last year and part of it reads:

“Further to our meeting on Thursday October 11 concerning my outstanding debt, arising from various disbursements from Interfin Bank between February 28 to May 4, 2010 I revert as follows

“According to the current statement, the amount due including accrued interest is US$107 544,25 which is in order and I accepted and undertook to provide you a payment plan.

“After a review of my finances and situation, may you accept my commitment to make six equal monthly payments of US$17 000 each, with the first payment due by November 30, 2012, plus a final amount in month seven to cater for the balance, including interest . . .”

Interfin argued that the debt had been accruing interest at the rate of 20 percent per annum from October 19, 2012 to the date of payment in full.

Source : The Herald