Times Of Swaziland: FARM UP FOR GRABS FOR E4.9M

FARM UP FOR GRABS FOR E4.9M
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  BY KWANELE DHLADHLA on 13/10/2017 00:14:00


MBABANE – Going once going twice and its sold! A farm belonging to well known
businessman and transport operator Duma Msibi will be sold through a public
auction by a deputy sheriff to recover a business loan his company took from
Swazi Bank to purchase a Steers franchise.
Improvement on the farm consists of a single storey building with three
bedrooms, lounge, dining room, kitchen, sanitary room, storeroom, spacious
verandas, two garages and other outbuildings (including servants’ quarters,
generator room and a roofless rondavel).
The farm also has a borehole and gravel road access, electricity connection, dip
tank, cattle byre and water stands.
According to a notice of sale issued by the lawyers representing the bank, the
farm which is situated in Shiselweni will be sold on October 27, 2017 subject to
a reserve price of E4.9 million.
The sale of Msibi’s property comes after SwaziBank obtained an order for
summary judgment in the matter where it sought payment of E2.2 million business
loan issued out to his company to purchase the franchise.
In his judgment Judge Cyril Maphanga, found that Hambaphi Investments trading as
Steers, “failed to show cause against the application for summary judgment.”
The franchise was based at Manzini, at the Hub Mall.
Maphanga granted the application for summary judgment as prayed for with costs.
SwaziBank moved an application in court seeking summary judgment against
Hambaphi Investments for claims in the matter where Msibi and Sibusiso Msibi
were cited as defendants.