STD BANK DEMANDS E3.9M BACK FROM HEPTAGON

  MBABANE – Standard Bank Swaziland Limited wants about E4 million allegedly owed by Heptagon Company (Pty) Limited back.

Summons issued by the bank’s attorneys from Robinson Bertram reflect that the sum reportedly owed by the construction firm stands at E3 980 001.48 (excluding interest) when all three claims were combined. Other respondents in the matter are: Daniel Sackey, Robert Sackey and Thamsanqa Nkambule.
The veracity of the allegations made by the bank against Heptagon Company are yet to be tested in court.

In the first claim, Standard Bank sought payment of E1 975 299.85 in respect of monies allegedly lent and advanced on overdraft in June 2018, which were now apparently due owing and to which Heptagon Company failed, neglected and or refused to pay.

Claims

It was pointed out that claims against the other defendants for payment of the E1.9 million were because they supposedly bounded themselves jointly and severally as sureties and co-principal debtors to Standard Bank for any and all debts owing and owed by Heptagon Company to the bank.
The financial institution submitted to court that the firm should settle the above amount with interest at the bank’s rate of prime plus two per cent per annum from August 5, 2019 to the date of final payment.

It was further prayed that the court should declare lot number 886 at the Matsapha Industrial Site extension number one measuring 5 964 square metres and held by the mortgagor under Crown grant number 34/2017 dated June 2, 2017 and registered on June 16, 2017 executable.
Under claim number two, the bank sought payment of E329 422.34 in respect of monies allegedly lent and advanced for business working capital in June 2018 which was also now due and owing.

Grant

For the above amount, the bank asked the court to grant an order for payment of interest at the bank’s rate of prime plus three per cent per annum from August 5, 2019 to date of final payment as well.
The same lot number 886 was asked to be executable for the business working capital.

The last amount allegedly owed by the construction company,  which also ought to be paid with interest at the bank’s rate of prime plus three per cent per annum from August 5 2019,  was E1 675 279.29 which had been lent and advanced on business revolving credit.  

   
It could not be immediately ascertained whether Heptagon had filed an intention to oppose the application by Standard Bank. However, it should be mentioned that the summons stipulated that if the defendants dispute the claim and wish to defend the action, they should within 10 days file an intention to defend with the Registrar of the High Court. The matter is pending at the High Court.

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