Gospel artist Shongwe to lose his house
MBABANE – Award-winning Gospel artist Pastor Elias Mfanasibili Shongwe has failed to salvage his house from being sold through public auction by FNB Eswatini Limited.
The ‘Amazulu Avumile’ hitmaker who is a lead singer of Shongwe and Khuphuka Saved Group had previously obtained an interim order to stop the sale the house, which is situated at Madonsa in Manzini. Judge Ticheme Dlamini has since discharged that order, which means that the First National Bank (FNB) Eswatini Limited was now at liberty to proceed with the sale.
Valued
made a living by staging shows and promotions for an income. He also claimed that he was affected by the COVID- 19 pandemic, as at its peak, he was neither staging shows nor invited to perform.
Shongwe, who is a pastor at Light of Christ Ministries Church in Matsapha, submitted that he ended up being hugely indebted and failed to service the loan. The Gospel artist wanted the court to moderate the terms of the sale in execution such that the property was auctioned at a market value of not less than E3 282 000 as valued, as opposed to the reserve price of E1 920 000.
Strategically
Meanwhile, in its papers, the bank argued that 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 ample time to institute the present application but instead opted to wait until the eleventh hour, which is a sheer abuse of the 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.
Reserve
“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 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.
Prejudice
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.