TRUST BANKING CORPORATION LIMITED
HIGH COURT OF ZIMBABWE
HARARE, 6 March, 2018 and 8 May, 2018
P Kawande, for the applicant
Ms M Mafo, for the respondent
MANGOTA J: The respondent is a financial institution. It is under liquidation. Prior to its liquidation, it advanced loans to two companies. These comprised Matfield Operations (Pvt) Ltd and Shareview Enterprises (Pvt) Ltd.
The applicant is a businessman. He secured the two companies’ loans. He, in the mentioned regard, registered a mortgage bond over his property which is known as the remainder of Lot 3 of subdivision 6 of Quinnington, Borrowdale Estate, Harare (“the property”).
The companies failed to pay off their respective debts. The respondent successfully sued the applicant and others under HC 3254/12. Judgment was entered in its favour in the sum of $21 336.01 together with interest thereon at the rate of 10% above the bank overdraft rate with effect from 17 February, 2012 to the date of full payment. It also successfully sued the applicant and others under HC 8650/12 wherein judgment was entered in its favour in the sum of $206 253.93 together with interest at 45% per annum with effect from 10 April, 2013 to the date of full payment.
The applicant’s allegations are that he made every effort to satisfy the judgment debts which had been entered against him and others. He states that his aim and objective were to achieve his intended goal so that he would have the title deed which relates to his property released to him. He alleges that, whilst he was engaged in the mentioned process, the respondent was placed under liquidation. He accuses the respondent of having acted