Times Of Swaziland: E4.2M FRAUD SUSPECT ORDERED  TO PAY WESBANK E450 000

E4.2M FRAUD SUSPECT ORDERED  TO PAY WESBANK E450 000
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 BY MBONGISENI NDZIMANDZE  on 06/02/2018 02:40:00


MBABANE – While he is still preparing his defence in the criminal case against
Wesbank, the court has directed businessman Sifiso Zulu to pay the bank about
E450 000.
Zulu, who used to operate Auto Mobile Cars in Mbabane, was last year arrested
for allegedly defrauding the same bank a sum of E4.2 million.
Wesbank is the division of First National Bank (FNB) that provides motor vehicle
and business finance.
The order compelling Zulu to pay the bank comes after it filed an application
for a default judgment which was subsequently granted by Principal Judge
Qinisile Mabuza.
According to the combined summons that was issued by the bank’s lawyer prior
to obtaining the default judgment, Wesbank entered into various written credit
asset finance agreements.
The material terms of the agreement were that: the bank would procure and lease
to Zulu company goods. According to the bank, the company was obliged to insure
the goods against all insurable risks and against loss and damage before taking
delivery of the goods.
In the first claim, it was alleged that the monthly rental in terms of the lease
agreement was the sum of E5 010 payable beginning from June 29, 2016.
Pursuant to the agreement, the bank alleged that it duly purchased the goods
which included used cars which included among other, Hoist, diagnostics machines
and Engine crane.