AMANDLA DEMANDS E176 000 FROM RAPID

MBABANE – Amandla Financial Services is demanding over E176 000 from Rapid Stationery (PTY) Limited.

The financial service provider has since instituted legal proceedings against the popular Mbabane-based stationery and its Director, Bongani Jele. The exact amount which Amandla Financial Services is demanding from the stationery company is E176 988.

Amandla is a corporate entity incorporated in accordance with the company law of the Kingdom of Eswatini, engaged in the business of money lending. Its principal place of business is located on the second floor, Development House, Swazi Plaza in Mbabane.

Advancement

According to the plaintiff (Amandla Financial Services) the aforementioned amount was in respect of a loan it advanced to Rapid Stationery (PTY) Limited.
In its particulars of claim, the plaintiff submitted that in October 2018, the stationery company duly represented by Jele approached it for purposes of acquiring a loan for the advancement of E150 000 to buy stock in order to satisfy orders and supply its clients with stationery.

These are allegations contained in particulars of claim whose veracity is still to be tested in court and the defendant in yet to file its papers in the event it is disputing the claim against it.
“Accordingly, the plaintiff considered the first defendant’s ( Rapid Stationery) application agreed to loan and advance the defendant the sum of E150 000  and thus on October 17, 2018 entered into a written agreement,” reads part of the particulars of claim filed by the plaintiff’s lawyers from Mtshali Simelane  Attorneys.

According to the plaintiff, during the signing of the agreement, it was agreed that the plaintiff would loan and further advance the defendant the sum of E150 000 and that the loan would become due and payable in 60 days after the first disbursement.

Inclusive

It was also allegedly agreed between the parties that the defendant on the aforementioned due date was to repay to the plaintiff the sum of E168 000, which was inclusive of the initial loan and interest thereon.
During the signing of the purported agreement, the plaintiff was represented by Laurentia Tsuen while Rapid Stationery (PTY) Limited was represented by Jele.

According to the combined summons, it was further agreed that in the event the defendant defaulted in repaying the aforementioned sum, a penalty fee of five per cent monthly (compounded daily) would be charged by the plaintiff on the outstanding balance until  the balance was settled in full.

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