Loan puts Swazi Dlamini in the red
MUSICIAN and producer Swazi Dlamini risks sleeping on the streets over a bad debt of R97000.
Dlamini, who is married to queen of song Sibongile Khumalo's son Tshepo Mngoma, risks losing her plush home worth more than R1m if she doesn't cough up soon.
The home was declared specially executable and is set to be sold to recover a R97 000 loan she got from Ithala Development Finance Corporation Limited.
Dlamini, who jointly bought the property with her husband in March 2005, put up the house as surety when she took a loan for her production company Swazitainment Productions CC.
In court papers filed in the Johannesburg High Court, the lawyer representing the financial corporation, Khanyiswa Peter, said the business loan agreement between Dlamini and his client was finalised on February 16 2010.
"At the time of issuing the summons the defendants were in arrears for a period of more than six months," said Peter in the court papers.
He said he filed a notice in terms of the National Credit Act to try and recover the money but Dlamini failed to make an appearance to defend the matter.
A default judgment was later granted in the Durban High Court in November 2011, where Dlamini was ordered to settle the entire debt with 13% interest.
"She did not and in November last year the Sheriff went to her house in southern Johannesburg to try and attach movable property.
"Pursuant to the judgment granted, I caused the warrant of execution against movable property to be issued by the registrar of the court but was surprised by the Sheriff's note that the defendants had no attachable assets at the given address.
Dlamini admits that she owes the lender.
"I know that I owe Ithala. I borrowed the money to fund a few projects that didn't take off," she says.
Dlamini says she tried to make arrangements with their lawyers to settle the debt but claims that they refused and demanded a full payment upfront.
Durban-based attorney Eliza Radebe, acting for the plaintiff, says they were left with no option but to attach Dlamini's house.
"We aren't difficult. Sometimes some of our clients make arrangements to settle their debts but we've heard nothing from Dlamini," she says. - email@example.com