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ZANASH INVESTMENTS BUYS E4.5M NKOYOYO GUEST HOUSE

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MBABANE – The previous owner of Nkoyoyo Guest House has been taken to court by FINCORP after allegedly refusing to sign documents for the transfer of the property to a new owner.


FINCORP wants the court to compel the previous owner, Phumzile Cynthia Dlamini to sign all documents, deeds and to provide tax clearance required for the transfer of the property to the a new owner.


The guest house whose establishment was funded by FINCORP to the tune of E3.5 million has since been sold to Zanash Investments (PTY) Limited after Dlamini reportedly failed to service the loan.


In her founding affidavit, FINCORP Senior Legal Manager Legal Affairs, Lomalangeni Kunene alleged that Dlamini had notwithstanding multiple requests and undertakings, failed to execute the instruments, deeds and/or failed to furnish requisite documentation necessary to pass the transfer of the property into the name of Zanash Investment(PTY) Limited.


Kunene told the court that the first applicant (FINCORP) concluded a loan agreement with Dlamini, in terms of which the applicant agreed to lend and advance a sum of E3.5million to enable her to acquire Nkoyoyo Guest House.
“As security for the loan, the second respondent (Dlamini) executed a first surety mortgage bond in favour of the applicant, in terms of which the immovable property described as Portion 23 (a Portion of Portion 6) of Farm 308.


The mortgage bond was executed as security for the loan,” submitted the senior manager legal.
She averred that later on August 21, 2008, Dlamini sought further finance from the applicant, in order to capitalise the business through acquisition of furniture. Kunene claimed that the applicant advance Dlamini a sum of E300 000.


According to Kunene, a further security in respect of the guest house, Dlamini caused to be registered a second mortgage bond over the property.
She submitted that the second surety mortgage bond was also to secure a hypothec over the movable items within the business.
“Dlamini’s business then began to encounter difficulties and Nkoyoyo Guest House as a proprietor was not making any payments towards the liquidation of the loan,” submitted Kunene.


Confounding


According to Kunene, this was a confounding development because on the face of it, it appeared that the business was operating soundly and doing well.
She said when it became apparent that Dlamini was not making the loan payments, in October 2009, FINCORP instituted legal proceedings for the cancellation of the agreements of loan of the amounts that were outstanding due and payable in terms of the two loans.

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