In documentation placed before the courts, CBZ says it lent Moyo Z$233 million and an overdraft of Z$99 million on October 14 2003. The loan was payable on demand, with interest being charged on the balance outstanding at the bank’s prime lending rate plus a margin.
The current prime lending rate for the CBZ is 560 percent per annum. “As at the date of issue of summons, the defendant (Moyo) was indebted to the plaintiff (CBZ) in respect of the balance outstanding on the loan agreement and overdraft facility,” says the summons. Moyo has 10 days within which to oppose the claim. – Own correspondentPost published in: News