A Bulawayo based businessman Ismail Moosa Lunat was ordered to pay US$384 177 to Mohamed Zakariya Patel after the former reportedly signed an acknowledgement of debt which he is claiming he was threatened to sign by the later Sunday Mail reports.
Court papers submitted by Patel’s lawyers, however, dismiss Lunat’s claims that he was forced to sign the acknowledgement of debt agreement as they say he didn’t report it to the police.
An acknowledgement of debt is what it is. It is an indication by the debtor that he owes the creditor a specific sum of money. Business transactions would be seriously impended if valid legal contracts were to be unenforceable on tenuous defences being raised by defaulting debtors.
Lunat has already lost his 2 cars and household furniture and his shares in the company he co-owns with his wife after the sheriff attached them. Lunat may also lose his Khumalo home due to the lawsuit.
More: Sunday Mail