Renowned businessmen Trevor Ncube and Hoosain Karjieker have recently been slapped with a lawsuit.
This was allegedly after failing to repay a R3,5 million cash injection from the Tamarin Trust.
Documents filed at the South Gauteng High Court in Joburg show Trevor and Hoosain were acting in their personal capacities when they got into the loan agreement in August three years ago.
The papers also show the loan was granted by the trust’s representatives Anthea Knowles, Mark Galbaraith and Jacques Naude, acting in their capacity as custodians of the Tamarin Trust.
In Tamarin’s claim, the three trustees reveal the money was used as working capital for M&G Media Limited, which is regarded as the first defendant.
Read the papers: “On 6 August 2015 at Joburg, the first plaintiff (Anthea) duly authorised by the second and the third plaintiffs (Mark and Jacques) acting as the Tamarin Trust, entered into a written loan agreement with the first defendant (M&G Media Limited), represented by the third and second defendants (Trevor and Hoosain), acting personally.”
The documents state the money was given interest-free.
“It was recorded that the plaintiff had lent and advanced the amount of R3,5m to the first defendant (M&G Media Limited). As from 1 August 2015, until the loan was repaid to the first defendant, the first defendant would pay an administration fee of R50 000 per month to the plaintiff, which was payable on the first business day of each month, free of exchange and deduction.”
The combined summons filed last week stated that most of the loan was to be repaid by weekly instalments of R75 000.
“The second and the third defendants bound themselves as sureties and co-principle debtors, jointly and severally with the first defendant for the repayment of the loan to the plaintiffs.”
They argued Trevor and Hoosain had failed to make consistent payments, which prompted them to take legal action.
“The last payment made by the first defendant was R25 000 on or about 8 February,” read the affidavit.
In their papers, the trustees further claimed the administration fees, on which all the parties had agreed upon, hadn’t been paid.
Speaking on behalf of the two of them, Hoosain said: they expect to settle the debt in the next few weeks.“The loan was a personal loan that was entered into by Trevor Ncube and myself to secure funding for the M&G’s cash flow at the time.
“Regrettably, with the continued challenges the business faced at the time we were unable to repay the loan.”