
tanbic Bank filed the summons on August 29 through its
lawyers, Danziger and Partners, suing Hlongwane and his company, Carat
Investments (Pvt) Ltd, which is in liquidation, together with one Adrian
Hastings Kaira.
Hlongwane and Kaira are yet to respond to the lawsuit. According to the court papers, sometime in June 2012,
Stanbic Bank entered into an agreement, lent and advanced $30 000 to Carat
Investments under a vehicle and asset finance facility.
As security for the due repayment of the loan, it is
alleged, Hlongwane and Kaira stood as sureties and co-principal debtors for
their company undertaking to pay legal practitioner’s collection commission and
costs of suit on the legal practitioner and client scale and also renouncing
the benefits of execution and division.
The bank further said under the credit facility signed
between the parties, default interest would accrue on overdue payments at the
rate of 34% per annum from the date of default to the date of full and final
payment.
“Carat Investments (Pvt) Ltd breached the credit agreement
signed with the plaintiff by failing to repay the facility loan which expired
on June 30, 2013. In fact, the company has since been placed under liquidation
by the High Court owing to its inability to pay its creditors,” Stanbic said.
“Despite demand on July 3, 2017, the first and second
defendants [Hlongwane and Kaira] have failed, neglected and/or refused to
settle the debt owed by their company, which stood at $36 801,28 as at March
29, 2015.” Newsday
0 comments:
Post a Comment