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E4.2M FRAUD SUSPECT ORDERED TO PAY WESBANK E450 000

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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.

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