Harmonize Ordered To Pay CRB Bank an astounding Tsh 103 million (Ksh 4,921,956)

Dar es Salaam, Tanzania's High Court division has ordered artist Harmonize to pay CRB Bank an astounding Tsh 103 million (Ksh 4,921,956).

Although it is said that Harmonize did not fulfill the loan terms, the company had taken out loans from two credit facilities to construct a studio and purchase studio equipment. 

In addition, Harmonize missed multiple court appearances.

"The plaintiff instituted the present suit praying for judgment and decree of the Court against the defendant," the writer observed in court documents she saw. This is a default judgment. The reliefs he requested were as follows: payments of Tshs 103,185,755.16, which is an outstanding loan under the parties' credit facility letters; interest accruing at the court's rate and on the outstanding amount at an annual rate of 18% 

general damages; plaintiff's costs and expenses; and a 25% annual commercial rate interest rate from the date of judgment to the date of final payment."

The following ruling was rendered in the plaintiff's favor:

a) The plaintiff is entitled to Tshs 103,185,755.16 from the defendant.

b) From the date of default until the date of this judgment, the defendant is hereby directed to pay the plaintiff interest on the unpaid sum at the rate of 18% annually. b) From the date of this judgment until the date of complete payment, the defendant is required to pay 7% interest on the decretal amount.

12 d) The plaintiff is entitled to general damages from the defendant in the amount of Tshs 10,000,000/=. e) Costs will be borne by the defendant.

The defendant shall pay costs of this suit. It is so ordered. The right of appeal is explained to parties