Minister of Primary and Secondary Education Lazarus Dokora has been taken to court over an unpaid bank loan to the tune of $21 000.
CBZ Bank Limited extended a loan to Minister Dokora but he failed to pay back.
The bank is now claiming $21 000 plus interest calculated at the rate of 26 percent per annum.
CBZ Bank is also seeking an order declaring the minister’s bonded immovable property, to be executable.
On May 22 2009, Minister Dokora approached the bank seeking advancement of a loan for medication.
The parties signed an agreement and CBZ Bank agreed to extend the much needed loan.
According to the agreement, funds drawn from the minister’s bank account were meant to finance medical requirements.
The bank, as part of the agreement, would be entitled to charge and debit Minister Dokora’s account with interest.
In the event of minister defaulting payment, the bank was entitled to claim legal costs to pay lawyers engaged to assist in the recovery of the debt.
The bank extended thousands of dollars into the minister’s bank account.
As at January 2017, the minister owed the bank $21 194.
Efforts by the bank to recover the debt were fruitless.
That prompted CBZ Bank to instruct its lawyers Muvingi & Mugadza legal Practitioners to issue summons at the High Court.
Minister Dokora is yet to respond to the claim. – State Media
When will Financial institutions learn? It is no secret that when Zanu political leaders borrow, the lender would have participated in country’s corporate social responsibility programs. The right thing to do will be to actually write off such advances and expense them elsewhere because the chefs will refuse to pay. Mark my words. Those who belong to my generation will recall how Roger Boka’s United Merchant Bank collapsed. It was a long list of the political leadership (then just Zanu PF in its entirety) who accessed millions of valuable Zim dollars then and refused to pay back.