Times Of Swaziland: CORBAN, 2 DIRECTORS IN  COURT OVER E1M DEBT

CORBAN, 2 DIRECTORS IN  COURT OVER E1M DEBT
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 BY PHEPHILE MOTAU on 04/07/2018 01:21:00


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.