... he knew a month before auction date – bank

MBABANE – FNB Eswatini Limited says Gospel artist Elias Mfanasibili Shongwe became aware of the sale about a month before its date but ‘strategically’ waited until the eve of the auction to institute the proceedings.

The bank’s Head of Credit, Thandeka Dlamini, averred that the notice of sale that was attached by the applicant (Shongwe) in his papers appeared in the Times of Eswatini on September 30, 2022.

“I humble submit that the applicant had an ample time to institute the present application but instead opted to wait until the eleventh hour which is a sheer abuse of court process,” argued Dlamini.

The head of credit also brought it to the attention of the court that the reserve price on the property was based on an evaluation that was done in August 2021. She submitted that, according to the evaluation that the bank was in possession of, the market value of the property was E1 920 000.

“I wish to state that the property’s value has not been understated but the set reserve is its market value. The applicant has in his paragraph 6 stated that he wants a higher residue, which is what the bank also wishes for as the aim is not to destroy the applicant but we as a bank want to recover the monies owed to us by the applicant,” she argued.

Dlamini also argued that the bank had given Shongwe enough time to sort out the issue of the property, including signing a deed of settlement in June 2021, which

he also failed to honour. The head of credit further highlighted to the court that, in his application, Shongwe did not clearly state the amount of time he needed to put his house in order, but only stated that the sale should be stayed for a reasonable time. She submitted that through the stay of the sale, the bank would continue to suffer prejudice because Shongwe was allegedly heavily indebted to the bank.

“I humbly submit that the applicant has not provided us or the court with any guarantee of money, instead we have an alleged deed of sale and acknowledgment of receipt of loan application to the alleged buyer/purchaser,” contended Dlamini.

Dlamini informed the court that she had been advised by a deputy sheriff that the notice of sale had generated a huge response and several prospective buyers. The matter is still pending in court.