Former Zimbabwe Revenue Authority (Zimra) commissioner-general Gershem Takavada Pasi has been taken to court by BancABC, which is seeking to recover $123 987,59 after he allegedly failed to service a loan facility.
The financial institution issued the summons on February 22 and Pasi is yet to respond to the litigation.
According to the court papers, sometime in January 2014, the bank and Pasi entered into a written agreement in terms of which, the financial institution extended a $250 000 lease hire finance facility to the then Zimra boss.
The loan had an interest of 15% per annum and there was a provision that if Pasi defaulted, the interest would go up to 25%.
“The defendant defaulted on making due and punctual repayments under the written memorandum of lease agreement and as at February 2018, is in the arrears in the sum of $129 846.26.
The said sum of money is made up as follows: $123 987,59 being the capital and $5 858,26 being interest,” the bank said in court papers. Standard