DESTINY GROUP SEEKING ORDER FOR CANCELLATION OF AGREEMENT

MBABANE – Is it a business deal gone sour?

This question comes to the fore after Destiny Group approached the High Court where it is seeking an order for the cancellation of an agreement of sale between it and Moyamunye Investments (pty) Limited. According to the combined summons issued by lawyers representing Destiny Group, Moyamunye Investment sold a certain property to the former.
Moyamunye Investments is said to have allegedly failed to honour part of their business deal hence the application for cancellation of the deal. During the signing of the agreement, Destiny Group was allegedly represented by its director Tom Lin while Moyamunye Investment was represented by Nonhlanhla Dlamini. The farm measuring 7.9377 hectares was allegedly sold to Destiny Group for E1.9 million around April 2017. The property in question is Portion 2 of Farm Carlisle No26, in the Manzini Region.

It is alleged that  Destiny Group was expected to pay a deposit of E190 000 and the balance of E1.7 million was to be paid to the seller through a bank guarantee cheque upon proof that the property had been cleared from all illegal occupants. These are allegations contained in particulars of claim whose veracity is still to be tested in court and the defendant is yet to file its papers in the event it is disputing the matter. The alleged terms of the agreement were that Moyamunye Investment should at all times do whatever was necessary to assist the purchaser obtain the necessary authority including the allocation committee. It was also allegedly agreed that the transfer of the property to the purchaser would be done once the E1.9 million was made.

Transfer

The consensus was that the transfer should be effected by Destiny Group’s conveyancers. “The parties acknowledged that the written agreement constitutes the entire contract between them, any alterations to be made have to be agreed upon by both parties on a three days notice,” read part of the agreement. It was also alleged that Destiny Group duly complied with the payment of the deposit to the seller buyer. It is alleged that the payment of E190 000 was made around April 2017.

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