HomeNewsBancABC sues Sakunda over $14m

BancABC sues Sakunda over $14m


LOCAL fuel dealer Sakunda Holdings has been taken to court by BancABC over an outstanding debt of $14 million.


The lawsuit was filed at the High Court last December under case number HC11021/14 by the bank’s lawyers Sawyer & Mkushi Legal Practitioners.

The bank claims that sometime in March last year, it extended a credit facility of up to $16 266 606,79 to Sakunda Holdings for purposes of debt restructuring.

Part of the claim reads: “First defendant (Sakunda Holdings) defaulted on making due and punctual repayment of monthly instalments under the agreement and was in arrears in the sum of $2 105 909,09 as at December 1 2014.

“As a result of the first defendant’s default, the total outstanding amount under the agreement in the sum of $14 063 638, 84 fell due and payable on the 1st of December 2014.”

However, Sakunda has dismissed the claims saying BankABC never advanced the full $16 266 606 to the firm and challenged the bank to prove its claims.

“This agreement was signed with the plaintiff upon plaintiff’s specific request to assist it with balancing its audit books which were in arrears.

However, the only money that the plaintiff advanced was just under five million United States dollars in cash,” Sakunda said.

Sakunda also accused the bank of causing demurrage charges in its importation of fuel which it said amounted to $9 375 000 and further said the bank was responsible and had accepted to pay.

According to the bank, the loan was to be repaid over a 24-month period through equal monthly instalments of at least $765 725,66 with effect from May 30 2014.

The nine respondents cited in the matter are: Sakunda Holdings, Sakunda Energy, Sakunda Logistics, Sakunda Properties, Warcos Investments, Mabelreign Service Station, Pom Pom Investments, Kudakwashe Tagwirei and Sandra Mpunga.

The second to the ninth respondents are bound as sureties and co-principal debtors with the first defendant.
The matter is yet to be heard in court.

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