MATATA AGREES TO PAY SMI E260 000

MBABANE – Matata Retail (PTY) Limited trading as Matata Moneni Spar has agreed to pay Swaziland Meat Industries over E260 000.

The money is in respect of meat products that were supplied to the Matata Moneni Spar.

The parties have since signed a deed of settlement which has been made an order of the court. The exact amount which Matata Retail (PTY) Limited has agreed to pay Swaziland Meat Industries is E263 451.61.

According to the deed of settlement, which is now an order of the court, the debtor (Matata Retail) advised the creditor (Swaziland Meat Industries) of sale of its stores to the franchisor to avoid liquidation in order to settle creditors. 
Matata Retail, according to the deed of settlement, was indebted to the creditor in the amount of E329 314.51.  The creditor, however, agreed to accept a compromised amount towards the debt.

“The creditor agrees to accept from the debtor payment of E263 451.61 as full and final repayment of the debt outstanding to the creditor by July 1, 2018,” reads part of the deed of settlement.
It was further agreed that the debt settlement agreement superseded any prior agreements, understandings or negotiations whether written or oral.

The deed of settlement between the parties was made an order of the court by High Court Judge Nkosinathi Maseko. Swaziland Meat Industries was represented by lawyers from Henwood and Company.
In its official website it is mentioned that SMI is a public company, registered and located in Eswatini. Most of the shares are held by its management who purchased them during a management buyout in 1999.
This has shaped the company’s culture which can be described as hard working and entrepreneurial with a strong loyalty to its customers and suppliers.

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