The High Court has granted an order staying the execution of a ruling compelling Premier Diamonds to settle a $4,6 million loan advanced by BancABC
Local firm, Premier Diamonds got a reprieve last week after the High Court granted an order staying the execution of an order compelling it to settle a $4.6 million loan advanced by BancABC to finance its diamond deals.
Early this month, BancABC, secured a High Court order to recover the outstanding funds and 3 properties in Harare which Premier had pledged as security against the loan.
The default judgment was granted by Justice Chinembiri Bunhu on April 1 this year after lawyers representing Premier Diamonds failed to show up at the court to defend the claim.
Premier Diamonds immediately made an urgent application, seeking a stay of execution on the basis that there is a pending application for recession of the judgment.
- The Herald
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