CBZ BANK LIMITED
HIGH COURT OF ZIMBABWE
HARARE, 5 March, 2018 and 6 June 2018
T. Biti, for the applicant
W.P. Mandinde, for the defendant
MANGOTA J: I heard the current matter on 5 March, 2018. I disposed of the same by way of an ex tempore judgment in which I ordered the respondent to pay what she owed to the applicant.
The respondent wrote through the registrar. She requested for reasons for the decision which I made. These are they:
The applicant is a financial institution. It sued the respondent in January, 2012. It sought to recover from her the sum of $165 339-31 together with interest at 36% per annum calculated daily on any daily balance and capitalised monthly from 30 September, 2010 until the date of full payment as well as costs of suit on a punitive scale.
The respondent defended the suit. She filed her plea and other necessary processes, amongst them, her summary of evidence.
Whilst their case remained in progress, the parties entered into a consent order. They did so before Bhunu J (as he then was). The consent order is dated 31 July, 2014. It is under case number HC 245/12. It provided that:
“1. The defendant pays the plaintiff the sum reflected in the proven withdrawals she made at the bank together with all charges levied in terms of the signed contract.
2. The account be referred to an expert and the computation of interest shall be conclusive in determining the interest due and owing.
3. The party at fault to pay the costs of the expert engaged.
4. The amount owing shall be as reflected on the proven withdrawals and all charges in terms of the contract.