A prestigious private academy faces liquidation after courts sided with BancABC in a debt dispute exceeding $300,000. Justice Faith Mushure authorized the immediate seizure of Knowstics Academy properties spanning land parcels in Inyanga and Umtali, laboratory equipment, and irrigation infrastructure operated by directors William and Edith Mukuwapasi through Willedit Investments.
The institution defaulted on two separate loans after partial repayment attempts, citing an armed robbery as justification for nonpayment. Mushure dismissed the defense as insincere evasion, noting the borrowers tried switching to local currency settlement despite written agreements specifying dollar obligations. The judge rejected arguments about unjust enrichment, pointing to signed contracts and a recent letter from school leadership acknowledging the American currency debt.
The institution defaulted on two separate loans after partial repayment attempts, citing an armed robbery as justification for nonpayment. Mushure dismissed the defense as insincere evasion, noting the borrowers tried switching to local currency settlement despite written agreements specifying dollar obligations. The judge rejected arguments about unjust enrichment, pointing to signed contracts and a recent letter from school leadership acknowledging the American currency debt.
