Dabengwa’s company fails to pay back loan

Court Reporter
DUZE Oil Company whose directors include losing presidential candidate Dr Dumiso Dabengwa of Zapu is reportedly failing to repay $200 000 it borrowed from a local bank. According to documents in court, Duze Oil Company, founded by Dr Dabengwa, borrowed the money in two loan tranches from Stanbic Bank some months ago. The interest rate was pegged at 25.85 percent per annum.

In an application made by Stanbic Bank at the High Court in Bulawayo recently in a bid to recover its money, Dr Dabengwa (3rd respondent), Mr Nigel Sebastian Noach (2nd) and Mrs Sarah Nokuthula Ndlovu (4th) were mentioned as co-directors of Duze Oil Company, the 1st respondent.

The bank is seeking a court order declaring “specially immovable executable property”, being an ancillary business entity Bisection Investments situated at Number 8A Kingsdale in terms of the mortgage bond registered by Bisection Investments.

Bisection Investments is cited as the 5th respondent.
Duze Oil Company allegedly defaulted in paying the installments resulting in the accumulation of the debt, which the bank is now claiming through the courts.
In February, it had accumulated to $236 854.01.

Dr Dabengwa, Mr Noach and Mrs Ndlovu bound themselves as sureties and co-principal debtors when the loan was advanced, hence their inclusion in the lawsuit.The bank seeks to recover the money at the same interest rate of 25.85 percent per annum starting from 1 March this year until the date of full payment.

The address of Duze Oil Company was given as 6 Wingrove Road in Thorngrove or Number 72A Robert Mugabe Way between Leopold Takawira Avenue and 6th Avenue while Mr Noach’s address is Number 1 Russel Road, Kumalo.

Dr Dabengwa’s address was given as 39 Diamond Drive Fortunes Gate while Mrs Ndlovu resides at Number 16A Percy Avenue in Hillside.
The applicant’s legal practitioners are Calderwood, Bryce Hendrie and Partners while the respondents are being represented by Moyo-Majwabu and Nyoni Legal Practitioners.

The case has not been set down for hearing but the respondents have since filed an application to defend.