According to High Court papers, Pasi was extended a $250 000 loan by the bank in January 2014 and has since failed or neglected to repay the loan facility.
The loan was to accrue 15 percent interest per annum and in the event that Pasi defaults payment of any of his installations, a 25 percent interest per annum would be charged.
The bank, represented by its country manager Daniel Muganiwe said the loan agreement stated that should Pasi fail to make payment of any instalment of any amount due in terms of the facility the whole amount immediately becomes payable and due.
“The defendant defaulted on making due and punctual repayments under the written memorandum of lease agreement and as at February 2018, is in arrears in the sum of $129 846.26.
Despite demand, the defendant has refused, neglected or failed to pay the plaintiff the sum of $129 846.26,” said Muganiwe.
The bank is also claiming legal costs on a legal practitioner and client scale plus collection commission.
Through his lawyers Mushoriwa Pasi Corporate Attorneys, Pasi said the cause of action in which the summons and application is based is improper and incomplete.
In his opposing affidavit Pasi said that the facility which was extended to him was not in mere isolation but was negotiated between BankABC and his former employer, Zimra.
Pasi said: “An agreement was entered into between the two in terms of which employees like myself were entitled to purchase vehicles through the line of credit, and 60 percent of the repayments due in terms of the line of credit were to be paid by the employer while I was to be responsible solely for the remaining 40 percent balance.”
The former Zimra Commissioner General also disputed the amount claimed by the bank, saying it does not add up and that a lot is being hidden in the detail of the claim.
He said: “Applicant claimed that I had a facility of up to $250 000. The next allegation is that I defaulted on payments and that I am liable to pay the sum of $129 846.26.
There is no averment as to the amount that I allegedly borrowed in terms of the facility as the sum of $250 000 is only a limit of the facility.
“There is also no allegation as to how much I paid in terms of the facility and how much was paid by my then employers since 2014 when the transaction was consummated.”
He claimed he has paid $239 295.22 and by his calculations, he should have completed paying the debt.
“It is therefore my contention that the claim is not in conformity with the rules of this honourable court in its lack of a concise breakdown of the capital lent, payments made, interest charged and financing charges,” Pasi said.
However, BankABC has since applied for summary judgment, arguing that Pasi has “no defence at law and the appearance to defend entered by the defendant is simply for the purposes of buying time and to delay the finalisation of the matter.” Daily News