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Matonga struggles to repay $143k bank loan


The Zimbabwe Asset Management Corporation (Zamco) (Pvt) Ltd has filed a chamber application at the High Court seeking an order to substitute itself as the judgment creditor in a matter in which former Information deputy minister Bright Matonga was initially sued for owing the CBZ Bank a total of $143 506.

Bright Matonga, former Information deputy minister and now a top member at Zimbabwe People First (ZimPF)
Bright Matonga, former Information deputy minister and now a top member at Zimbabwe People First (ZimPF)

According to the court papers, CBZ Bank successfully obtained a judgment order in its favour for the payment of the claimed amount on July 7, 2015 and a writ of execution against Matonga was also issued on September 8, 2018.

Matonga had, prior to the writ of execution, entered into a deed of settlement with CBZ Bank on June 20, 2019, but failed to abide by the terms thereon, prompting the bank to proceed with an application to attach his property.

In its declaration, Zamco said it had now approached the court with an application premised on a sale and purchase agreement that was negotiated and concluded between itself and the CBZ Bank after judgment had been granted in favour of the bank by the High Court.

Zamco said Matonga was, therefore, liable to pay the claimed amount as if it was CBZ Bank by virtue of a valid sale and purchase agreement entered into between the asset management firm and the commercial bank.

In its draft order, Zamco proposed that the court should determine that: “Application for substitution of second respondent (CBZ Bank Limited) for the applicant (Zimbabwe Asset Management Corporation (Pvt) Ltd) as the judgment creditor be and is hereby granted”.

And also that: “Any reference to CBZ Bank Limited in reference case number HC587/14 shall be interpreted or construed from the date of this order being granted as referring to Zimbabwe Asset Management Corporation (Pvt) Ltd”.
The matter is pending. NewsDay