DYNAMOS’ debt to CBZ Bank has ballooned to $400 000 and the Harare football giants could lose their bus and cede home match gate takings.
BY Kevin Mapasure
It has emerged that contrary to Dynamos’ claims that they have been servicing the debt by paying $10 000 per month, the club only made its last payment of $2 000 in June last year.
After DeMbare chairman Keni Mubaiwa suggested that they had been servicing the debt, the legal team from BM Msipa and Partners representing the bank sought clarity from their client and were informed that nothing had been paid since June 25 last year. They also claim that no communication had been made by Dynamos regarding payment of that debt since June.
Dynamos also claim that to date they have paid $190 000.
The lawyers will press on with the writ of execution and have targeted the team bus and the next home match’s gate takings. A default judgment was initially issued over a total of $247 505, but the figures have since swelled to $406 464 due to interests. The initial default judgment was issued in 2012, but Dynamos had no assets at the time.
On March 19 2015, the bank’s legal representative wrote to the Sheriff of the High Court: “We refer to the above matter where we obtained judgment against the above debtor Dynamos Football Club. Efforts to attach both movable and immovable assets have proved fruitless as they do not have any assets. We understand they recently acquired a club bus. May you, therefore, attach and take into execution the bus, which we have no registration number, and gate takings of their home game on Saturday March 21 2015 at National Sports Stadium along Bulawayo Road.”
Dynamos maintain that they have approached the bank to try and get them to cut the 36% interest rate.
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“We have been trying to engage the bank through our lawyers,” said Mubaiwa. “We have been begging them to scrap off the interest or at least reduce it because things are tough and we are trying our best to offset the debt. The best way is dialogue between the two parties. The bus they want to attach is not ours.”
