Former Reserve Bank of Zimbabwe Governor Dr Gideon Gono has become the latest victim of the volatile Zimbabwean economy after his Greystone...
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Former Reserve Bank of Zimbabwe Governor Dr Gideon Gono has become the latest victim of the volatile Zimbabwean economy after his Greystone Park property has been set for an auction soon over non-payment of a $1,3 million debt.
Dr Gono bought several vehicles on credit from a local car dealer Oasis Motors six years ago for his staff and operations at Lunar Chickens and other companies, but failed to settle the debt.Oasis Motors successfully sued Dr Gono at the High Court and obtained an order for payment of the debt.
Dr Gono did not pay the debt resulting in the attachment of the immovable property in Greystone Park measuring 4 654 square metres.
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| Trying Times: Dr Gideon Gono |
Recently, Zim Auctions and Real Estate advertised the sale of Number 8 Edstone Road, Greystone Park. The property is set to be auctioned on August 26, in Harare.
Oasis Motors filed summons for provisional sentence at the High Court on the strength of an acknowledgement of debt signed by Dr Gono on January 31, 2009 when he bought the vehicles.
In the summons filed by Oasis Motors’ lawyers Chitewe Law Practice on January 27 last year, Oasis claimed $1 319 000 with interest.
Josh Hozheri, in the music circles recently had his Jazz 105 closed and also lost his house in Bluffhill after an auction by Ruby Auctions on behalf of the Central African Building Society (CABS) for failing to settle a debt.
Dr Gono received vehicles for his staff and operations at his companies, including Lunar Chickens on credit. The vehicles were valued at $1 749 000, but Dr Gono partly paid the debt, leaving a balance of $1 319 000.
According to the agreement, Dr Gono was supposed to pay the debt in full by January 31 2010, but failed. Despite demand, Dr Gono did not settle the debt, resulting in Oasis Motors instituting legal proceedings at the High Court.
In his opposing affidavit dated February 17, 2015, Dr Gono argued that at the time when the agreement of sale was signed, charging in foreign currency was illegal hence the acknowledgement of debt relied upon by Oasis Motors should be dismissed as an illegality.
Dr Gono also argued that the acknowledgement of debt relied upon is dated January 31 2009, hence the suit must fail because it was filed outside the three-year period permitted in terms of the Prescription Act.
Oasis Motors, however, won its case. - The Herald/Online Sources
According to the agreement, Dr Gono was supposed to pay the debt in full by January 31 2010, but failed. Despite demand, Dr Gono did not settle the debt, resulting in Oasis Motors instituting legal proceedings at the High Court.
In his opposing affidavit dated February 17, 2015, Dr Gono argued that at the time when the agreement of sale was signed, charging in foreign currency was illegal hence the acknowledgement of debt relied upon by Oasis Motors should be dismissed as an illegality.
Dr Gono also argued that the acknowledgement of debt relied upon is dated January 31 2009, hence the suit must fail because it was filed outside the three-year period permitted in terms of the Prescription Act.
Oasis Motors, however, won its case. - The Herald/Online Sources
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