STD BANK DEMANDS OVER E3M

MBABANE – Standard Bank has instituted action against Chrisilda Transport Company (Pty) Limited and five others who have been cited as co-principal debtors.

Chrisilda Transport, has been cited as the first defendant, is said to be a company duly registered and incorporated with limited liability according to the country’s laws with a chosen domicilium citandi et executandi at Matsapha Industrial Sites. Domicilium citandi et executandi is a Latin legal term meaning the address nominated by a party in a legal contract where legal notices may be sent.

sureties

Also cited as defendants are Shangri-La Holdings (Pty) Ltd, WDK Investments (Pty) Ltd, Leon Jacobsz, Sikelela Vilakati and Lionel Oswald Reid, who are all said to be sureties and co-principal debtors of the first defendant.

The bank instituted action against the defendants jointly and severally the one paying the other to be absolved. The reputable financial institution claims the payment of the sum of E2 261 602.63 in respect of monies which are said to have been lent and advanced for working capital in November 2015, at the transport company’s special instance, request and/or order.  

The bank alleged that the monies were now due and the first defendant was failing, neglecting and/or refusing to pay.

“The plaintiff claims against the second, third, fourth and sixth defendants for payment of the sum of E2 261 602.63 that being the amount for which they bound themselves jointly and severally as sureties and co-principal debtors to the plaintiff for any and all debts owing and owed by the first defendant to the plaintiff, any one or two paying the other or others to be absolved,” averred the bank.

declaration

In summons filed in the High Court of Eswatini, Standard Bank is further seeking the declaration of  the remaining Extent of  Portion 216 of Farm No.50 situated in the Hhohho District measuring 8 166 square metres and held by the Mortgagor under Deeds of Transfer  dated September 23, 2005 executable.

Also being sought is an order declaring Portion 245 (a portion of portion 216) of Farm No.50 situated in the  District of Hhohho measuring 8 002 square metres and held by the Mortgagor executable.

demands

In the second claim, the bank demands the  payment of the sum of E1 041 989.74 being in respect of monies lent and advanced to clear the loan to the first defendant by the bank in  June 2018 at the former’s special instance, request and/or order.

Also being sought is an order declaring Portion 67 (a portion of portion 9) of Farm Peebles Block (North) No.9 situated in the District of Manzini measuring 1 3611 hectares and held by the Mortgagor executable.

This brings the total cost of the claims to over E3 million.

These are allegations contained in summons whose veracity will be tested in court.  Attorneys from Robinson Bertram are representing the plaintiff.

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