SWAZIBANK TAKES IMPULSIVE TO COURT OVER E337 000 DEBTS

MBABANE – SwaziBank has sought the High Court’s intervention to recover E337 139 from Impulsive Protection (Pty) Ltd.

Through its lawyers from Robinson Bertram, the bank (plaintiff) has filed a notice of application for payment of the above sum from the company with Mxolisi Chief Mangaliso Masuku (second defendant) and Bongani Zwane (third defendant) who are jointly and severally liable by virtue of standing in as surety. This is in respect of monies lent and advanced to Masuku Impulsive Investments which trades as Impulsive Protection (Pty) Ltd (first defendant) in 2016 and 2017 with business premises at OmniCentre at office number 23. 

Summons

Giving a brief background on the matter, Attorney Kenneth Motsa said on or about February 27, 2018, the bank issued summons which were served on March 3, 2018. He said serving of the summons led to the commencement of negotiations which culminated into an acknowledgement of debt and an agreement. According to the acknowledgement of debt and agreement to pay, the defendants had requested to pay the capital amount of E281 741.40 interest, collection commission and costs in instalments which was considered and agreed to with terms and conditions. The defendants, allegedly acknowledged being jointly and severally indebted to the bank in the agreed amount of E281 741.40, being in respect of capital amount owed. Interest on the sum of E281 741.40 was acknowledged to be at the rate of prime plus five per cent per annum from September 1, 2017 to date of final payment. The deputy sheriff and legal on an attorney client basis amounted to E2 750.

Acknowledgement

“Collection commission on the sum of E281 741.40 calculated on each instalment to be paid in terms of acknowledgement of debt and agreement to pay at the rate of 10 per cent on the first E20 000 and 2.5 per cent on the balance,” read the court papers in part. It was also allegedly agreed that the defendants would liquidate the amounts by way of instalments at the rate of E5000 per month commencing on April 31, 2018 and subsequent instalments (on the same amount) on every last day of succeeding months thereafter until all amounts owing had been paid in full. The capital owing and collection commission were to be made at Robinson Bertram offices at the capital city, Ingcongwane Building.

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