THE case in which Moonlight Holdings chief executive officer Chomi Makina was being sued for a US$28 500 debt he allegedly failed to settle with a local car dealer has been withdrawn after the wrangling parties reached a mutual agreement which wills see him pay US2 097 per month.
Makina is said to owe Premier Auto pay Premier Auto Service a US$28 500 debt for a Jaguar XF he bought from the automobile dealer in 2013.
According to a deed of settlement, dated February 26, the two parties agreed on a payment plan that will be concluded on April 28 2017.
The deed of settlement states that: “The parties have now compromised their rights and have agreed terms for the full and final settlement of the dispute. They wish to record those terms of settlement on a binding basis in this deed”.
The agreed terms are that the defendant shall pay the settlement amount in 15 equal installments of US$2 097,00 commencing on or before April 28 2016 and terminating on or before April 28 2017.
In the event that the defendant fails to pay any installment on due date, the Plaintiff shall have the right to execute the consent order against defendant in order to recover the amount due together with interest thereon at the prescribed rate and all legal costs.
The defendant shall pay the plaintiff’s cost of suit on an attorney-client scale as agreed between the parties.
“Each party acknowledged that they had entered into this deed in reliance wholly or partly on any representations or warrenty made by or on behalf of the other party (whether orally or in writing other than as expressly set-out in this deed,” read the document.
It was acknowledged that this deed was entered in a without prejudice basis and shall not be construed as an admission of liability.
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