Businessman Mr Phillip Chiyangwa and his two companies, Finwood Investments and Native Investments Africa, have been slapped with a
The company signed a deed of hypothecation in which it agreed to bond as surety an immovable property in Bluffhill measuring 3,8 hectares worth
Mr Chiyangwa and Native Investments bound themselves as surety and co-principal debtors in the deal, which forms the basis for them to be cited in the lawsuit as defendants.
Finwood failed to pay the debt, prompting the bank to issue summons for provisional sentence last week at the
In the summons filed on
The bank also wants Stand No. 3052 Bluffhill Township of Lot 13 to be declared specially executable.
Interfin also seeks an order compelling the defendants to pay costs of the suit and collection commission.
Finwood received various amounts of money between 2011 and this year on the strength of a deed of hypothecation registered at the registry of deeds in
In a letter dated
"As discussed, we are in the middle of concluding some transactions which will result in us opening our cash inflows," he said. "We have two facilities with your bank and we are taking a practical approach to expunge our exposure.
"Our proposal is to immediately start paying off our Interfin loan and reschedule the PTA loan repayments. As a show of our good faith, we shall be paying an amount of
"You will receive a letter of undertaking from Mawere and Sibanda Legal Practitioners, confirming that they shall be remitting the funds directly to yourself once they have completed the few outstanding issues on the transaction."
Chiyangwa and the two firms were still to respond to the law- suit.
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