SPAR GROUP TO SEIZE MATATA PROPERTY OVER E65M DEBT

MBABANE- Is this the end of Matata Retail Proprietary Limited?

The Spar Group Limited has obtained an order of the court to enter the premises of the company, and take possession of all movable property.

This, according to court papers, is in order to perfect the Spar Group Limited’s security in terms of two General Notarial Covering Bonds.

Matata Retail Proprietary Limited, which is the respondent in the matter, is indebted to The Spar Group a sum of over E65 million, being in respect of the two bonds and stock supplied.

The holdings group for Matata Retail Proprietary Limited is the Matata Group which, according to their website, is a privately-owned Swazi company that has been trading since 1896.

The fourth generation Swazi owners are Nkilongo Member of Parliament (MP) Hans Steffen and his sister Lizette.
Matata Retail Proprietary runs a number of shops under The Spar Group Limited and these include Fresh at Moneni Spar, Fresh at Moneni Tops, Matata Spar, Matata Tops, Mpaka Savemor, Fresh at Big Beg Bend and Fresh at Big Bend Tops.

In her founding affidavit, Liezl Streicher, who is The Spar Group Limited’s Financial Director for the Lowveld Region, said Matata Retail Proprietary Limited was currently indebted to them in the total sum of E22 155 134.46.
The money is in respect of stock supplied as direct purchases and dropshipment.

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