Mkondo estate executor in bid to save properties

THE executor of the late insurance mogul Paul Mkondo’s estate, Nhamodzinesu Mkondo, has approached the High Court in a bid to save two properties, including the businessman’s Marimba Park matrimonial home, from being auctioned over a $60 000 debt.

BY PAIDAMOYO MUZULU

The properties were attached after businessman Lovemore Tinarwo won a default judgment at the High Court in October 2015 after Mkondo’s estate failed to honour the debt. Mkondo had accumulated the debt in January 2013 and offered to settle it in July, but died in March the same year.

The default judgment allowed Tinarwo to attach two Marimba properties owned by the late businessman, including his matrimonial home.

Paul Mkondo

However, a fortnight ago, Nhamodzinesu, who is also a son of the late Mkondo, approached the High Court with an application to rescind the default judgment and allow him to defend the suit against the attachment of the properties.

In his application, Nhamodzinesu’s draft order read: “The default judgment granted on 26th October 2015 HC6113/15 be and is hereby rescinded and the applicant is to file his appearance to defend within 10 days of the granting of this order.”

Nhamodzinesu, in his founding affidavit, claimed that he did not honour the debt because it could have been an illegal transaction or money-laundering at worst as it did not reflect in the companies’ books of accounts.

“I respectfully submit that I do have prospects of success on merits because despite the existence of a loan agreement between my late father and the respondent (Tinarwo), the whole transaction is an illegal transaction as it is purely a money-laundering deal,” Nhamodzinesu wrote.

In the alternative, he argued, should the court say the debt is legal, then he would query the amount owed.

“I have it on record that should the loan be legal, a payment of $16 000 was made towards the debt while my father was alive and, as such, the sum of $60 000 claimed by the respondent is not the correct figure,” he argues.

Nhamodzinesu is still to wind up his late father’s estate four years after his death amid concerns that many creditors, including banks, were now frustrated and resorting to court action to recover their monies from the estate.

On the other hand, Nhamodzinesu, who has since moved into his father’s matrimonial home due to his floundering economic fortunes, is accused by creditors of deliberately delaying the process as he continues to allegedly milk the estate.

The date for the High Court hearing is still to be set.

3 Responses to Mkondo estate executor in bid to save properties

  1. Chids February 9, 2016 at 1:38 pm #

    Dambudziko ramakatarisana naro vana Mukondo, i dambudziko remwoyo wangu. Vakomana itayi peni peni…
    so goes the once popular advert by the late indegenous insurance guru

  2. Tsano February 9, 2016 at 4:06 pm #

    These guys have been our models. Hope you will see it through.

  3. madzibaba Kirebi February 9, 2016 at 11:25 pm #

    va Paul Mukondo vamazvikokota muma insurance………

© 2016 NewsDay Zimbabwe. All Rights Reserved.

DMMA logo