BETTA PARTS PROPERTY ATTACHED FOR E2.3M DEBT

MBABANE – A deputy sheriff attached and removed property belonging to Betta Parts yesterday.

The property was attached in respect of a loan amounting to E 2.3 million owed by the business entity to Nedbank Swaziland Limited.
This comes after the High Court issued an order directing the deputy sheriff to attach and take into execution the movable goods of I.C.H. Data Systems (Pty) Ltd trading as Betta Parts.
The order stipulated that the property or good

s were to be sold by public auction to recover the amount owed to the bank together with interest at prime rate plus two per cent per annum until the date of final payment. Various items were loaded onto a truck yesterday morning and more are yet to be collected today.

According to court documents, on June 24, 2014, Abdullah Ebrahim Sindhi, I.C.H. Data Systems (Pty) Ltd trading as Betta Parts together with MNS Investments (Pty) Ltd, were served with summons by a deputy sheriff acting at the instruction of Nedbank Swaziland Limited attorneys.

Debt

Sindhi, upon receipt of the copy of the summons, approached Nedbank Swaziland Limited with the intention of resolving the matter amicably and he was advised by the bank not to file responding papers in court but instead sign an acknowledgement of debt. “It was part of the

acknowledgement of debt that I.C.H. Data Systems (Pty) Ltd trading as Betta Parts, MNS Investments (Pty) Ltd, Abdullah Ebrahim Sindhi and Fatima Sindhi concurred that they were indebted to Nedbank Swaziland Limited to a sum of E 2 375 397.50,” the papers read.

Sindhi further stated that it was part of the acknowledgement of debt that the afore-going amount be liquidated by making a payment of E200 000 on July 15, 2014. He also stated that it had been agreed that a sum of E44 221.35 would be paid monthly to the bank. “I humbly submit that I duly signed the acknowledgement of debt as per the advice of the bank and a signed copy was registered and made an order of the High Court on July 4, 2014,” he said. 

As per the acknowledgement of debt, should Betta Parts, together with its directors default in the performance of its obligations, the full balance then outstanding in terms hereof would immediately become due and payable. The bank would, in addition to other rights which it may have in law, be entitled to enforce the provisions of this acknowledgement of debt and agreement to pay.

It was also stipulated in the agreement between the business entity and the bank that the plaintiff would be entitled to recover in addition to all the amounts owed, all costs disbursed by it to its attorneys in securing Betta Parts and its directors compliance.

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