Deputy Minister Fred Moio has lost family property and property after the High Court recently ruled in favor of Stanbic Bank, which wants to repay over $ 766,000 owed.
The Moio property enforcement decision came when the former deputy minister and his fellow directors Paul Diamond, Dirk Renier Bevade and Sidney Stein in a mine called Ok Mining failed to settle a loan that they personally guaranteed.
According to the enforcement order, the property includes Ford Ranger T6 and Nissan Hardbodi, six refrigerators, two sets of sofas, ovens, kitchen elements, computers, tables, microwaves, dressing tables, headers and solar batteries.
However, when the Chauffeur Supreme Court Sheriff added property Moio, his wife, Ieiani Moio, launched an interpleader process, but the request was rejected.
Later, the bank tried to hire Moio in a series of meetings to settle debt payments, but it was said that the former deputy minister did not cooperate, prompting the financial institution to file a claim to be placed under temporary liquidation.
Mio is said to have transferred his personal immovable property to family trust called Nelundo Famili Trust, which the bank considered a mood of mood.
The court heard that in this context, the bank was trying to keep the family confidence Moio sequestered.
"It is customary that the Moio transferred the immovable property to family trust when it was obvious that his financial obligations threatened his privately owned property," Mushore said.
"The fact that the property is jointly owned by myself and Ieiani is neither there nor there. His interest in the property he tried to protect, together with Ieiani's interest. In my opinion, it was a transaction that was not related to philanthropy, but to fake and survival … "
The loan agreement between the parties was concluded on August 30, 2012 when the bank released funds. The parties subsequently agreed that Ok Mining will repay the loan with interest, but that it is contrary to the loan agreement, the mine did not pay that amount, which prompted the bank to file a claim for refund.