Vice President Constantino Chiwenga’s ex-wife, Jocelyn and her company Rugnet Ventures, has fallen on hard times and risks losing her residential property in Harare’s leafy Glen Lorne suburb after she failed to repay her $2,6 million CBZ Bank loan.
The latest development came nearly nine years after Jocelyn concluded her messy divorce with the former military commander and shared their vast wealth equally.
In summons filed at the High Court on March 9 this year, CBZ Bank cited Jocelyn, her companies Rugnet Ventures (Private) Ltd and Licybuster Investments (Private) Ltd, as co-respondents.
The bank is represented by Musendekwa-Mtisi Legal Practitioners, while Jocelyn is self-acting.
According to the court papers under case number HC2248/18, sometime in May 2014, the bank entered into a structured loan facility agreement with Rugnet Ventures for $1,3 million at the firm’s special instance and request.
said in its declaration.
“It was agreed that interest would accrue at the bank’s minimum lending rate (3% per annum) plus 13% all-inclusive on the restructured loan facility during the restructured loan facility period, but subject to change thereafter in line with prevailing money markets rates,” the bank said in its declaration.
“It was a term of the said agreement that the first defendant (Rugnet Ventures) would pay collection costs, bank charges and legal costs on an attorney-client scale in the event of plaintiff (CBZ) resorting to legal action to recover its monies.”
