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DUMA MSIBI’S FARM RESERVE PRICE DROPPED BY E900 000

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MBABANE –The farm belonging to well known Businessman and Transport Operator Duma Msibi is back on the market with a lower reserve price.


The farm, which failed to attract bids during an auction held nearly a month ago, has had its price reduced by up to E900 000.
According to a notice of sale issued yesterday, the farm situated at Shiselweni has been put up for auction for a revised reserve price of E4 million from E4.9 million.


The public auction to be conducted by a deputy sheriff to recover a business loan Msibi’s company took from SwaziBank to purchase a Steers franchise has been scheduled to take place at the Nhlangano Magistrates Court following the cancelled auction.   


Improvements


Improvements in the farm consists of a single storey building with three bedrooms, lounge, dining room, kitchen, sanitary room, storeroom, spacious verandas, two garages and other outbuildings (including servants’ quarters, generator room and a roofless rondavel).
The farm also has a borehole and gravel road access, electricity connection, dip tank, cattle byre, water stands.   


The sale of Msibi’s property came after SwaziBank obtained an order for summary judgment in the matter where it sought payment of E2.2 million business loan issued out to his company to purchase the franchise.
In his judgment Judge Cyril Maphanga, found that Hambaphi Investments trading as Steers, “failed to show cause against the application for summary judgment.”


The franchise was based at Manzini, at the Hub Mall.
Maphanga granted the application for summary judgment as prayed for with costs.
SwaziBank moved an application in court seeking summary judgment against Hambaphi Investments for claims in the matter where Msibi and Sibusiso Msibi were cited as defendants.

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