Justice Mwaungulu orders review of Mulli assets : Malawi Savings Bank saga
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.
What is surprising is that in spite of all those big loans, Mulli can not show evidence of mature development project apart from Nali. If I were him, I would be an owner of shopping Malls and even Stadia but because he only had money without brains that’s why he is basically still poor. NONSENSE
Potenga ndalamazo mumachita kugwadira pano kuti mubweze mpakana ku Supreme court are you really serious? Ifenso tinangongolako pano we are about to finish zako izo.
Let there be a special follow up, until justice preveals- Malawians should know the stand of of their Tax
All said but the fact is that finally muli is cornered.or APM knows full well iyi yili pauta
Can anybody explain why Mathanyula lawyer is also defending Mulli? I smell a rat.
Even if the property is valued at K1 trillion, it does not mean it will be sold at that price. It could be sold for K2million God willing.
When the loan was being taken, there were chattels that were attached. The issue of revaluing does not arise. If Mulli was clever then he should voluntariry sell off the property and square the loans full stop. Revaluing is just paper money.
The judge failed to see the diofference between paper money and actual money. The revaluation does not help the case in any way. The valuation could be K1 trillion dollars, but what matters in this case is how much the bank would realize after selling the assets. Mulli took actual money. He must return actual money. The valuation doe not in any way guarantee the bank that the asserts would be disposed off at that value…
No justice here!!
Property appreciates as time goes on. You wil find that the value of this propertycombined will be over 10 billion Kwacha. Naval will only dispose one or two properties to pay off the loan. Clever!
Ya kokani ndalamazo basi no excuse
Thus Mwaungulu i know