HomeLocal NewsRautenbach’s firm sued over $147 000 debt

Rautenbach’s firm sued over $147 000 debt

-

COLCOM Foods (Private) Ltd has taken businessman Billy Rautenbach’s Zimbabwe Bio Energy company to court over a $147 000 debt.

BY BLESSED MHLANGA

Through lawyer, Tendai Masawi, Colcom argues the debt has remained unpaid since January 2013 following supply of “some goods”.

The matter was recorded under case HC11262/15.

Zimbabwe Bio Energy owns the $500 million Chisumbanje Ethanol Plant in Manicaland Province.

Billy-Rautenbach-2

“The defendant (Zim Bio Energy) breached the terms of the contract by failing to pay for the goods supplied and delivered by the plaintiff (Colcom Foods Limited). In as such the defendant owes plaintiff the sum of $147 674, 37,” read part of the summons commencing action filed in October.

“The defendant acknowledged the debt owed by themselves to the plaintiff and this is shown through a confirmation letter which is annexed hereto.”

It is understood that after paying $10 000 towards clearing the debt, through its lawyers Coghlan, Welsh and Guest, Zim Bio Energy allegedly signed a deed of settlement, where it offered to settle the outstanding $137 674,37 over two years three months at monthly instalments of $5 000, but reportedly breached the agreement.

Recent Posts

Stories you will enjoy

Recommended reading