By Davison Kaiyo
National Tyre Services has been granted an order compelling a Harare businessman to liquidate a $221 000 loan which the company advanced to him.
Mr Harry Truman Ndlovu obtained a loan from NTS and signed an acknowledgement of debt with the company in January this year.
Despite making a payment plan to liquidate the debt in three instalments commencing January 31, Mr Ndlovu failed to honour his obligation.
This impelled the NTS to seek the intervention of the higher court to force Mr Ndlovu to settle his indebtedness with the tyre manufacturing company.
Justice Nicholas Mathonsi ordered Mr Ndlovu to pay back the money plus interest at the prescribed rate from March this year.
“The defendant (Ndlovu) shall pay to the plaintiff (National Tyre Services) the sum of US$221 674,15, together with interest at the prescribed rate from March 2 to the date of full payment,” said Justice Mathonsi.
Mr Ndlovu was also ordered to pay the costs of suit.
In his defence to the claim, the businessman argued that the loan was “excess commission” emanating from externalisation deals gone sour between National Tyre Services and “South African forex externalisers” with him being just a conduit.
It was also Mr Ndlovu’s contention that the acknowledgement of debt was signed to sanitise the transactions to protect the company from Government’s blitz on externalisers of foreign currency.
However, Justice Mathonsi dismissed Mr Ndlovu’s assertion and described his defence as improbable.
“I must add that the story itself appears wholly improbable and fanciful in the extreme,” said Justice Mathonsi.
Justice Manthonsi also agreed with the company after it produced documentary evidence of acknowledgement of debt which Mr Ndlovu never challenged. The Herald