Zimbabwean businessman Mutumwa Mawere has hit hard times with his R2 million luxury apartment in Sandton set to go under the hammer over his failure to service his bond with a local bank.
Mawere left for South Africa after corruption investigations started against him when his former company, Shabanie Mashava Mines, came under Government scrutiny and he was accused of prejudicing the State of over Z$300 billion.
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His mining assets were eventually frozen and the authorities took over the running of his mining firm.
Absa, along with Absa Home Loans Guarantee Company, listed as plaintiffs in the matter, last week filed an application at the Johannesburg High Court, seeking a default judgment and execution order to attach and auction his property to the highest bidder.
The lawsuit comes after Mawere reportedly obtained a R2 million loan from Absa to purchase the upmarket apartment in Rivonia, Sandton, in October 2019.
In addition, Mawere was granted a R400 000 loan on security of his bond and Absa Home Loans Guarantee Company acted as surety for the businessman, according to a report in South African newspaper, the Sunday World.
According to the report, the terms of the loan agreement were that Mawere paid a little over R21 000 a month in instalments for 192 months.
But the businessman defaulted resulting in him incurring over R133 000 in arrears by February this year. Despite demand by the bank to settle his debt, Mawere reportedly did not pay up, leaving the bank with no option but to go to court.
Mawere blamed his failure to service his bond on the Covid-19 pandemic, which he said has made it difficult for him to secure tenants for the well-appointed townhouse.
He has since filed opposing papers in a bid to stop the bank from attaching the property.
Source – the herald