Times Of Swaziland: NEDBANK DEMANDS E9.8M FROM TEE&JAY

NEDBANK DEMANDS E9.8M FROM TEE&JAY
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BY KWANELE DHLADHLA AND MBONGISENI NDZIMANDZE on 20/05/2019 08:27:00


MBABANE - Nedbank (Swaziland) Limited is demanding over E9.8 million from
popular furniture and carpentry company, Tee and Jay Woodworks (Proprietary).
Through its attorneys from Robinson Bertram, the bank has since instituted legal
proceedings against the company and its directors where it is demanding payment
of E9 890 128.42 which is respect of loans. Other respondents in the matter are
Tee and Jay Investments (Proprietary) Limited which is a sister company of Tee
and Jay Woodworks (Proprietary) Limited, Thembinkhosi Mndzebele (director) and
Lucia Mavuso.
Requests
It is alleged that when the companies filed the requests for various loans to
the bank, the duo of Mndzebele and Mavuso jointly bound themselves as sureties
and co- principal debtors to Nedbank Swaziland Limited. Tee & Jay Woodworks
(Proprietary) and Tee and Jay Investments (Proprietary) are limited companies
incorporated in terms of the company laws of the Kingdom of Eswatini situated at
Gables Shopping Complex, Ezulwini. In the first claim, the bank alleged that it
lent Mndzebele and his companies a sum of E976 700.29 which was in respect of a
business loan. The bank wants the court to direct the respondents to pay the sum
E976 700.29 with interest at a rate of prime plus three per cent per annum from
May 13, 2019 to date of final payment.
Reminders
Despite several reminders for payment, the businessman and his companies were
reported to have refused and/or neglected to pay the aforementioned amount. The
second claim was of E6 923 011.71 which was also in respect of a businessman
loan that which the bank gave to the companies. Again despite several reminders
of demand, Mndzebele, Mavuso and the companies are alleged to have failed or
neglected to pay back the money. If the claim is successful, the bank wants the
respondents to pay the sum E6 923 011.71 with interest at the rate of prime plus
three per cent per annum from April 30, 2019 to the date of final payment.
According to Nedbank Swaziland Limited, it also loaned the respondents a sum of
E42 629.97, which an overdraft.
Order
The bank is seeking an order that the respondent be directed to pay the
aforementioned with interest at the rate of 20.25 per cent per annum from  May
7, 2019 to date of final payment. The bank claimed that it made several
reminders to the respondents to pay the abovementioned amount, but they alleged
refused and/ or neglected. Lastly, the bank is demanding a sum of E1 945 128.42
which was again allegedly an overdraft. The interest which the bank wants the
businessman and his companies to pay is five per cent per annum from May 2, 2019
to the date of final payment. These are allegations contained in particulars of
claim whose veracity is still to be tested in court and the respondents are yet
to file their papers in the event they are disputing the claim against them.