FORMER JUSTICE MINISTER’S COMPANY PLOT UP FOR GRABS

MBABANE – Immovable property belonging to a company owned by former Minister of Justice and Constitutional Affairs Sibusiso Shongwe will be sold by public auction next month.

This comes after a writ of execution was issued in a matter where the senator was taken to court by SwaziBank in respect of an unpaid loan.
According to the Notice of Sale by the Deputy Sherriff, the property, described as Portion 536 (a portion of G) of farm No.2 district of Hhohho, Swaziland, will be sold by public auction on August 19 2016.
The Notice of Sale was published on Thursday, July 21 and the property in question is a vacant plot.

The acquisition of the immovable property measuring 1,676 square metres was financed by Swazibank and the reserve price of the property during the public auction is at E553 000.
The public auction by the deputy sheriff will be held outside the High Court building at noon of the day.
According to an earlier article the Senator had previously made an undertaking to make due and punctual payments towards the loan.

Shongwe had undertaken to pay more than E90 000 in a space of three months. Shongwe, who was taken to court by the bank for owing them an amount of E382 726.99, came out to acknowledge that he owed the bank the above amount.
He acknowledged the fact that he made a downpayment of E100 000 to the bank. He also knew and accepted that the balance he had to settle with the bank was E295 337.26.
He was also aware that of the E295 337.26, the amount of E86 911.45 was in respect of arrears.

The defendant undertook to settle the arrear amount within a period of three months at the rate of at least E30 000 per month, commencing at the end of September 2015, ending November 2015.
This was contained in the deed of settlement entered by Shongwe with the bank. Shongwe said the balance of E208 425.81 would be settled by monthly payments of E6 800, starting from September 2015 until the amount was paid in full.
Shongwe said the interest would be charged on the outstanding amount at the rate of prime plus three per cent or such rate as may be fixed by the plaintiff from time to time.
Shongwe had also promised to pay legal fees, collection commission together with ancilliary expenses and incurred by the plaintiff (SwaziBank) in the matter.

At the time of drafting of the deed of settlement, such amount was E25 000. The fees were to be paid to Mlangeni and Company, 3rd Floor, Liqhaga Building, Nkoseluhlaza Street Manzini on or before the end of September 2015. Shongwe said if he happened to default on the terms as stated above, the bank would be entitled, without notice to the judgment of debtors, to immediately advertise and sell the immovable property by public auction to recover whatever balance would be outstanding together with costs attended thereupon. The document (deed of settlement) was a representation of the whole agreement between the parties, and was made an order of Court on September 18, 2015.
SwaziBank had taken Shongwe to court where the former claimed payment of E382 726.99 from the latter.

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