Danisa Masuku
Businessman Hetnesh Suman Patel has conceded defeat in a five-year court battle and agreed to pay back the money that he was denying he owed his former business partner, Ngqabutho Moyo.
The two businessmen had in 2014 struck a deal to trade fuel and Moyo poured in $13 300 while Patel promised to chip in with $12 600.
According to court papers, Patel who was at the time running Zuva fuel service station in Victoria Falls through a company called Fennin Finance Private Limited, invited Moyo to partner him in selling fuel.
Moyo agreed.
Unbeknown to Moyo, before the partnership was formed, Fennin Investment managing director (Patel) had entered into an agreement with CBZ in terms of which the latter guaranteed the debts incurred by Fennin Finance Private Limited to Zuva for the supply of fuel to the tune of $100 000.
However, Patel never disclosed to Moyo that he entered into an agreement with the said bank for a credit facility.
Patel failed to service the bank debt and as a result the deal he had struck with Moyo became abortive.
Moyo approached the High Court in Bulawayo demanding to be reimbursed by Patel. The case was presided over by High Court Judge Justice Martin Makonese.
Patel was denying that he had struck a business deal with Moyo.
High Court Judge, Justice Martin Makonese has however, ordered Patel to repay Moyo.
Patel and Moyo have since entered into Deed of settlement and he (Patel) signed a consent order last year to pay Moyo in US dollars.
Moyo will be paid US$7 650 over a period of six months.
Patel is expected to finish the instalments at the end of February this year.
