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CORBAN, 2 DIRECTORS IN COURT OVER E1M DEBT

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MBABANE – Corban Electrical and Electronics (Pty) Ltd and two directors have been taken to court for alleged failure to settle a debt worth E1.23 million.


The money is allegedly an outstanding balance from a property, Portion 1 of Lot No. 368 Manzini Township measuring 1.364 m2 they bought from Inter Agencies (Pty) Ltd.


The defendants in the matter are Corban Electrical and Electronics (Pty) Ltd, Thembinkosi Nkonyane, who is the Managing Director of the company and Duduzile Mahlalela, who is a Director.


According to the book of pleadings, on November 13, 2014 in Mbabane, Inter Agencies (Pty) Ltd and Corban Electrical and Electronics (Pty) Ltd concluded a written agreement of sale of an immovable property and its development.


The terms of agreement were that the purchase price was E3.5 million payable within 14 days after signature of the agreement of sale. Another term was that in the event Corban Electrical and Electronics (Pty) Ltd’s breach of payment of the purchase price or the stipulated period of within reasonable period after demand for payment had been made, the seller would claim immediate payment of the full purchase price.


Alternatively, they could cancel the agreement of sale without any further notice to Corban Electrical and Electronics (Pty) Ltd. These allegations are contained in court papers whose veracity is yet to be tested in court.

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