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BANK WANTS E5.5M FROM QHAWE, MUM

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MBABANE – SwaziBank is demanding over E5.5 million from Channel S boss Qhawe Mamba and his mother Princess Sifuga Dlamini.


His sister, Nonkululeko Ndzinisa, the Master of the High Court and lawyer Lucky Howe, who is the liquidator of Mamba’s company, have been cited as defendants in the matter
The money which the bank is demanding is in respect of various loans Mamba took from it.


The bank alleged that around September 27, 2002, it entered into an agreement with Mamba’s company, Ultimate Productions (PTY) Limited.
During the signing of the agreement, the company was represented by Mamba while Alex Mamba appeared for the bank. It is alleged that the material terms of the loan agreement were that the bank would lend and advance an amount of E3.7 million to Ultimate Productions (Pty) Limited.


The purpose of the loan was allegedly to facilitate the relocation of certain broadcast up linking equipment from South Africa to Swaziland and it was to be payable over 36 months.
These are allegations contained in particulars of claim whose veracity is still to be tested in court.


The parties are said to have further agreed that the amount outstanding from time to time would attract interest at a rate of 20.5 per cent per annum. Also, the amount outstanding from time to time was to be repaid in monthly instalments of E138 232, over a period of 36 months commencing from October 31, 2002. As surety for the obligation of Ultimate Productions (PTY) Limited, Mamba, Princess Sifuga and his sister allegedly signed a suretyship binding themselves as sureties and co-principal debtors in respect of the indebtedness of the company.


It is alleged that again in November 22, 2002, the bank gave Mamba’s company a loan of E178 371.68. It was allegedly agreed that this loan was to be payable within a period of 45 months  and the amount outstanding from time to time was to be repaid in monthly instalments of E5 194.


The three again signed deeds of suretyship binding themselves as sureties and co-principal debtors together with Ultimate Productions (PTY) Limited. On or about December 2, 2002, Mamba’s company took a loan of E188 455. The purpose of this loan was allegedly to assist Ultimate Production (PTY) Limited to acquire insurance cover over certain equipment.

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