Diversified mining group, RioZim Ltd’s latest attempt to have the loan it obtained from Trust Bank reduced to $500 000 from $1,8 million suffered another setback after the High Court of Zimbabwe dismissed the latest appeal.
A similar application last year was dismissed after the mining concern failed to cite the Deposit Protection Corporation of Zimbabwe as an interested party in the case, which was in violation of the country’s Banking Act.
In 2013, Trust Bank obtained a court order against RioZim for $1,8 million, including interest, which the bank had advanced to the mining company.
A year later, the bank was placed under liquidation with the Depositors Protection Corporation subsequently being appointed its liquidator.
In May 2015, RioZim applied to the High Court for variation of the court order, which the bank had earlier obtained to recover $1,8 million.
In its application RioZim alleged that they made an initial payment of about $1,3 million leaving a balance of $500 000.
High Court Judge Justice Pasirayi Kwenda, upon hearing all the arguments, questioned the failure by the mining group to submit substantial evidence, which proved its claims of paying part of the debt.
She also highlighted that had the client felt bereaved at the time when judgment was made in 2014 they should have contested it then.
“The applicant boldly asserts that it paid a sum of $138 166 but fails to attach proof. The payment is disputed. Indeed in argument consul the applicant failed to point any proof of alleged payment.
“In papers filed the provisional liquidator of the respondent, they justified the figure of $1 824 505,06,” said Justice Kwenda.
“The applicant did not act after service of the notice of intention to bar. It did not apply for recession of judgment in 2014 when it became aware of the judgment matter.”
Justice Kwenda dismissed the application on the grounds that the mining group failed again to cite the Deposit Protection Corporation as an interested party in its application a recommendation that had been made in the previous judgment by judge president Justice George Chiweshe .
“Sadly the applicant does not intend to cite the Deposit Protection Corporation again. If I grant this application I would be granting the application leave to file a fatally defective application,” said Justice Kwenda.