VBS liquidator in court to recover Shivambu loan | News | National | M&G

in November 2018, said the loan had been granted to Brian’s company Sgameka Projects and that he [Brian] had stood as surety.

Rooplal said the loan agreement was signed in December 2017 and Sgameka had undertaken to repay it in 23 instalments of R190 637.24 and a final instalment of R188 555.37. “... Sgameka breached Loan Agreement in that it failed to make payment of the monthly instalments due to the applicants thus resulting in the accrual of significant arrears due and owing to the applicant, and failed and/or neglected to make payments of the amounts due and payable to the applicant, despite demand.”

The agreement states that should the debtor be unable to make instalments debt enforcement procedures would be initiated which would see the Brian make 240 monthly payments of R 19 660.84.

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