SWAZIBANK TAKES MASIBUKWE INVESTMENTS TO COURT

MBABANE – SwaziBank has run to court seeking an order to attach an asset belonging to Masibukwe Investments before other creditors close in.

Lawyer Kenneth Motsa, from Robinson Bertram, has urgently applied before court to obtain immediate relief before court so that it can be able to take repossession of a 2008 LDV motor vehicle. Motsa submitted that this was without resorting to self-help in circumstances where it was clear that Masibukwe Investments (Pty) Ltd (respondent) cannot honour its obligation in terms of the finance facility agreement.

It was then submitted by Motsa that  the motor vehicle, which was bonded by the respondent in favour of SwaziBank (applicant), is  now at the risk of being attached by other creditors.   

Irreparable

“Consequently, if the applicant were to proceed in terms of the normal time limits, other creditors may attach the motor vehicle and remove it to the substantial prejudice and irreparable harm to the applicant as no other security exist to satisfy the applicant’s debt,” Motsa submitted.

In an affidavit attached to the court papers, Executive Manager Business Banking Nozizwe Mulela submitted that on December 22, 2016; the bank, represented by Doris Phiri and Masibukwe Investments’ Ndumiso Dube and Phathinduku Simelane, entered into a written agreement in terms of which the respondent was afforded an overdraft facility of E130 000.

The facility was reported to be for the purposes of working capital for the company based at Coronation Centre Building, office number two along Dzeliwe Street.

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