Source: Dealer sells vehicle held as collateral – herald
Zvikomborero Parafini
Court Reporter
A HARARE car dealer has appeared in court accused of selling a client’s high-value vehicle, which he was holding as collateral for a small loan in a case involving US$200 000 worth of trust property.
Chekufa Matsineyi was not asked to plead when he appeared before Harare magistrate Ms Ruth Moyo, who released him on US$100 bail yesterday.
According to court documents, in April last year, Brian Samupambadze, managing director of Rockshade Car Rental Private Limited, was processing customs clearance for imported buses at Chirundu Border Post when he ran short of money to cover VAT and storage charges.
He approached Matsineyi seeking a US$4 900 loan, which he promised to repay within three days.
Matsineyi agreed to lend the money but imposed a US$1 500 interest charge and demanded collateral security in the form of a motor vehicle.
Samupambadze offered his available vehicle, a Land Cruiser V8 200 series registration number AEK 6358, as security.
After paying out the US$4 900 loan, Matsineyi took possession of the vehicle.
However, without Mr Samupambadze’s knowledge or consent, Matsineyi allegedly sold the vehicle and converted the proceeds to his own use.
When Mr Samupambadze returned from Chirundu after three days, he tried to locate Matsineyi to repay the money and recover his vehicle, but the car dealer could not be found. Mr Samupambadze reported the matter to police, leading to Matsineyi’s arrest and the recovery of the stolen vehicle.
The vehicle is valued at US$200 000.
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