(Last Updated on February 8, 2016 by Editor)
ZIMBABWE – Property World (Pvt) Limited, a firm that facilitates the buying and selling of immovable property, has filed a $200 000 claim at the High Court, arguing that NMB Bank (Pvt) Ltd breached an agreement for payment of commission after the sale of a property for the bank.
NMB Bank Limited engaged the property agent to sell its seven-hectare piece of land in Harare at $3,5 million, but allegedly refused to pay the agent an agreed commission of $200 000.
According to the plaintiff’s declaration, bank official Mr Lionel Chinyamutangira orally gave Property World a mandate to find a purchaser for Stand Number 1824 Ardbennie Township measuring 7,3797 hectares at a selling price of at least $3,5 million.
Property World accepted the task, especially to find the buyer and introducing him or her to the bank.
On April 30 last year, Property World director Mr Shahid Siddiqui introduced Varun Beverages (Pepsi) to the bank and to the property.
Property World, through its lawyer Mr Nyasha Munyuru of Muvingi and Mugadza, claims NMB Bank gave them permission to access the property and took Pepsi officials to the stand for viewing.
Mr Sidiqqui of Property World reportedly answered questions from Pepsi officials on behalf of NMB on the viewing day.
The works of Property World, according to the court papers, resulted in Pepsi purchasing the property at a price of $3,5 million.
Property World argues that it was an express term of its agreement with the bank that it would be paid five percent commission from the proceeds of the sale.
Despite demand, Property World argued, the bank has failed or refused to pay the commission due.
The matter is yet to be set down for hearing at the High Court.