Former Reserve Bank of Zimbabwe Governor Dr Kombo Moyana has had his eight-hectare prime land in Mt Pleasant Heights attached over a $251 000 debt, a sign that the banker might have fallen on hard times
Dr Moyana’s company, Playgreen Farming (Private) Limited, borrowed $251 800 from Agatec Enterprises but failed to pay back within the agreed time-frame.
Agatec, through its lawyer, Mr Vusani Bangidza of Tavenhave and Machingauta Legal Practitioners, issued summons at the High Court claiming the debt.
Dr Moyana and his two companies —Playgreen and Olympia Farm (Pvt) Ltd — did not oppose the claim resulting in Agatec successfully applying for a default judgment.
Justice Loice Matanda-Moyo recently ordered Dr Moyana and his two companies to pay $251 800 plus interest.
She also declared the Mt Pleasant property executable in the event of the three failing to pay back the money.
Part of the order reads:
“It is ordered that the application for default judgment be and is hereby granted.
“The respondents be and are hereby ordered to pay the applicant the sum of $251 800, being payment for money loaned to the respondents jointly and severally one paying the other being absolved.
“Failure of which the assets of Lot 5 and Lot 6 of Johnson and the Remainder of Johnson of Mt Pleasant Heights held under deed number 7778/86 be and are hereby declared to be specifically executable and the proceeds thereof are to be used in amortisation of the debt of $251 800.
“Respondents be and are hereby ordered to pay interest on the said amount at the prevailing bank rate from January 1, 2015 to the date of payment in full.
Agatec lawyers have since obtained a writ of execution and the Sheriff has already attached the piece of land in Mt Pleasant.
Initially, the Sheriff had attached movable property including a fleet of cars, tractors, planters, irrigation equipment, cattle, sheep, water tanks, house furniture and others but Agatec realised it would not realise its full debt from it.
The company later decided to attach the immovable property and talks are underway pending execution.
According to the summons, Playgreen borrowed $150 000 from Agatec in December 2011.
It borrowed another $60 000 in 2013.
As if that was not enough, Playgreen borrowed $41 800 the same year, making a total of $251 800.
In 2013, Agatec made a series of verbal demands for the outstanding cash.
Playgreen, represented by Dr Moyana, signed an acknowledgment of debt.
In terms of the agreement, Playgreen undertook to pay the debt in full by December 31 2014.
It was also a term of the agreement that in the event of failure to service the debt, the Mt Pleasant prime land will be attached and executed.
When Playgreen failed to pay the debt, Agatec obtained a writ of execution and instructed the Sheriff to attach the property.
The piece of land is now under judicial attachment and the Sheriff can auction it if the parties fail to settle the matter.