RBZ set to lose property

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The Reserve Bank of Zimbabwe (RBZ) has been ordered to pay $90 000 in rental arrears or risk having its property attached.

According to court documents, the RBZ failed to pay rent for the five floors it leased at Charter House, a property of Charter Properties (Pvt) Ltd.

The central bank has since moved out of the premises but is yet to settle the accumulated debt for which the property owners threaten to attach property.

The debt, which initially stood at $29 053,26 and later shot to $90 200,48 with interest charges, was for the period December 2009 to February 2010. High Court judge Justice Lavender Makoni, ordered the RBZ to vacate the building, settle its arrears in full and pay or risk having its assets attached.

“Whereupon after reading documents filed of record and hearing counsel, it is ordered that the cancellation of the lease agreement in terms of which plaintiff (Charter Properties) leased to defendant premises known as first, second, seventh, tenth and eleventh floor Charter House 70 Samora Machel Avenue, Harare be and is hereby confirmed,” reads the judgment.

Part of the writ of execution reads: “You are therefore required and directed to take into execution the movable goods of Reserve Bank of Zimbabwe and of same to be realised the sum of $90 200,48 together with interest at the rate of 5% per annum calculated from March 1 2010 to date of payment in full, costs of suit on a legal practitioner and client scale.”

The RBZ had undertaken to pay a monthly rental of $6 per square metre in respect of the leased premises.