FINCORP WANTS E1.8M FROM GOLDEN BREAD

MBABANE - The Swaziland Development Finance Corporation (FINCORP) is demanding over E1.8 million from Golden Bread Bakery (PTY) Limited.

FINCORP lawyers from Robinson Bertram yesterday filed an urgent application in the High Court wherein the company is inter alia seeking an order that a deputy be authorised and empowered to seize and attach some assets from the bakery.

The company’s (FINCORP) Managing Director (MD), Dumisani Msibi, said the assets and vehicles, which were sought to be attached, were being used by the respondent (Golden Bakery) and as such their value was deteriorating while the respondent was not making any payment.

Nozizwe Ginindza, who allegedly bounded herself as a surety and co-principal debtor, has been cited as the second respondent in the matter.
Giving a brief background of the matter, Msibi stated that on January 13, 2015, pursuant to Golden Bakery’s request, represented by Ginindza and FINCORP, concluded a written agreement.

He alleged that the material terms of the agreement were that: the total consideration of the lease property was agreed upon at the sum of E1 314 720, E950 000 being the principal debt and E364 737 as finance charges at 13.25 per cent of the principal debt. Msibi stated that by virtue of clause five of the said agreement, notwithstanding the registration of the property, which included the motor vehicles, in the name of the lessee, and delivery of the vehicles to the lessee, ownership thereof was vested in FINCORP until the amount due had been paid in full.

According to the MD, the lessee was required to pay to FINCORP the rental amounts and that such payments were to be made without any deductions of whatsoever nature and by instrument of payment as the lessor may have nominated.

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