Zimbabwe Cricket debt Croco Motors

Zimbabwe Cricket has faced significant financial issues for some time now. They have been bailed out by ICC, following which they could afford to pay fees of their cricketers. Now, they faced a major blow as Croco Motors (Private) Ltd, a local vehicle sales and maintenance firm, has petitioned the High Court, demanding a repayment of a loan of USD 2.56 million from ZC, as reported by News Day (Zimbabwe).

The loan dates back to 2015. After several reminders, Croco Motors filed the summons on September 4, 2018 through lawyers Atherstone and Cook Legal Practitioners, and is awaiting response from ZC. According to News Day, Croco Motors had filed an application, demanding ZC return its two corporate boxes at Harare Sports Club. ZC had refused to return the boxes even after the one-month notice period had expired, following which Croco Motors had requested the boxes be removed provisionally.

As per ICC norms, no third-party advertisement is allowed on a ground during an ICC event. Croco Motors had not advertised in their corporate boxes during the ICC World Cup Qualifiers. However, ZC refused to return the boxes even after the tournament got over, and neither did they bother to repay the loan.

The declaration reads: “On June 11, 2015, the defendant (Zimbabwe Cricket ) acknowledged its liability to the plaintiff (Croco Holdings) in the sum of $2,8 million. In terms of the acknowledgement of debt, the defendant undertook to repay the sum of $240 000 through the provision of cricket boxes on lease for a period of 25 years, leaving a balance due and owing by the defendant to the plaintiff in the sum of $2 560 000.

“In 2016 and early 2017, the defendant acknowledged its indebtedness to the plaintiff in the sum of $2 560 000. Despite demand, the defendant has failed to pay the sum of $2 560 000, which amount is now due and payable.

“Wherefore, the plaintiff claims the payment of the amount of $2 560 000, interest thereon (calculated at the prescribed rate) from the date of service of summons to date of full payment and cost of suit.”