Businesswoman, Sharon Mugabe successfully saved her Bromley farm from going under the hammer after reaching an out-of-court settlement with a collapsed financial institution.
BY Staff Reporter
Mugabe owed Tetrad Investment Bank over $71 000 for interest accrued on a loan she received in 2013.
The businesswoman was disputing the $71 000 interest accrued and eventually paid $36 800 after the two parties reached an agreement.
Court documents suggest that there was no dispute on the capital portion, which, according to records from both parties, had already been settled.
Days before the scheduled sale, the bank conceded to the correct interest calculations.
“Whereas the plaintiff (Tetrad) has a court order against defendant for payment of the sum of $89 092,56 plus interest on the sum of $95 592,56 at the rate of 23% per annum, it is agreed between the parties that defendant (Mugabe) shall pay plaintiff the sum of $36 800 in full within seven days,” court documents signed on November 30 read.
According to the order from the courts, interest was to be calculated as simple interest on the outstanding capital balance.
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The bank, according to documents, did not do that resulting in an inflated interest claim.
A letter written by the bank’s lawyers, Mawere and Sibanda, dated December 2, states that Mugabe paid the $36 800 plus legal costs, stopping the auctioning of her farm, which was due to take place at Raylton Sports Club in Harare last Friday.
