Supreme Court through Justice Dunstain Mwaungulu has has vacated an injunction obtained by Mulli Brothers Limited stopping Malawi Savings Bank (MSB) from selling its properties and has ordered both parties to do a re-evaluation of the properties put on sale.
Mulli sought court relief stopping the sale of the conglomerate’s properties.
In an interparty hearing over the matter in Blantyre, Justice Mwaungulu restrained the bank from selling Mulli properties which were presented as collateral to the bank.
Private practice lawyer Chancy Gondwe, who is representing MBL Holdings in the case, confirmed that the judge gave the two parties 14 days to re-evaluate MBL Holdings properties for him to weigh how much they are worth.
Mulli properties – Estate in Thyolo District on a deed plan number 117/66, tea Estate in Mulanje covering 43.3995 hectares, an estate and tourist lodge in Mulanje along the Mulanje- Phalombe road, commercial property along the Limbe Thyolo road at Nantipwiri in Thyolo – are valued at over K3.3 billion.
MSB want to recover its K3.3 billion kwacha loan the company obtained from the bank.
Justice Mwaungulu ordered that after the re-evaluation, Mulli and MSB should appear in court with their findings on June 18.
According to Judiciary spokesperson Mlenga Mvula, the judge will use his discretion on the way forward depending on the findings both parties will present in the court.
MSB and MBL Holdings have been battling in courts over the loan amount recovery which the bank puts at K4 969 043 316.93. MBL Holdings contends that the figure is grossly exaggerated.Follow and Subscribe Nyasa TV :