FNB WANTS E11M FROM BETTA PARTS

MBABANE – The First National Bank (FNB), Swaziland is demanding E11 million from Betta Parts.

The bank has since taken the directors of the company and the business entity to the High Court where it is demanding payment of this amount.
Defendants in the matter are MNS Investments, Abdullah Ebrahim Sindhi, Betta Parts Mbabane, Betta Parts Manzini, Betta Truck, Betta Parts Matsapha and I.C.H Data System.

The bank is represented by Mxolisi Dlamini from Robinson Bertram in Mbabane.
The bank’s first claim was in respect of a commercial loan that was allegedly advanced to the company.
“The plaintiff’s (FNB) claim against the defendant is for payment of the sum of E8 947 068.30 being monies lent by the plaintiff and advanced to and on behalf of the respondent (Betta parts) on a commercial loan facility in March 2013 at the latter’s special instance. The money is now due and owing as of August 2014 and which the defendant fails, neglects and/or refuses to pay,” reads part of the combined summons.

These are allegations contained in court papers whose veracity is still to be tested in court and the respondents are yet to file their papers.
In the second claim the bank is demanding payment of E1 694 630.21 which is in respect of a medium term facility (overdraft).

The bank alleges that on July 21, 2014 it advanced to and on behalf of Betta Parts, an overdraft facility at the latter’s special instance.
“The claim against the defendants are for payment of the sum of E1 694 630.21 that being the amount for which each of them bound themselves jointly and severally as sureties and co- principal debtors to the plaintiff (bank)  for any debts owing and owed by the company to the bank,” reads the summons.

The third claim is also for an overdraft of E23 180.44 which the bank alleged that it was due and payable as of August 21, 2014.
The last claim is also for an overdraft of 47 945 000. On Wednesday a deputy sheriff attached and removed property belonging to Betta Parts in respect of a loan amounting to E 2.3 million owed by the business entity to Nedbank Swaziland Limited.

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