NCUBE FAILS TO REPAY £100K BANK LOAN

Welshman Ncube, the MDC president has failed to repay a $100 000 CBZ loan and has been taken to court. He was advanced a £50 000 loan in 2...

Welshman Ncube, the MDC president has failed to repay a $100 000 CBZ loan and has been taken to court.

He was advanced a £50 000 loan in 2010 which has since ballooned. “It was agreed that interest would accrue on the loaned amount at the plaintiff’s (CBZ) minimum lending rate from time to time, which was 8% per annum at the time and would be calculated on the daily balance and compounded on a monthly basis.

“Wherefore, the plaintiff claims against the defendant (Ncube): — payment of the sum of $100 222 due in respect of the moneys loaned and advanced to the defendant, which the defendant failed to repay to the plaintiff with interest thereon by the due date and despite demand.

“Interest on the sum of $100 222 at the plaintiff’s penalty rate from time to time currently being at 20% per annum, calculated on the daily balance and compounded on a monthly basis, with effect from date of judgment to the date of payment in full plus collection commission.”

The matter is still pending.