Foreign Exchange Rates

DStv Advert_090724

DStv Advert_090724

SBT Tanzania Advert_291123

Monday, 17 August 2015

BUSINESSMEN GO TO COURT TO OPPOSE SELLING HOUSE TO SETTLE 900M/- LOAN

Two businessmen have rushed to the High Court’s Land Division to oppose the move by International Commercial Bank (Tanzania) Limited and three others of selling a house situated at Kariakoo Area in Dar es Salaam to recover 900m/- loan facility.

The businessmen, Mr Mudrik Rashid Khamis and Mr Edward Eugen Mushi, filed application for injunction last week under certificate of urgency, as the bank and three other respondents were intending to dispose of the premises situated on Plot Number 22 Block 5, whose owner is a deceased.

“May this honourable court be pleased to grant an order of temporary injunction restraining the respondents, their agents or anyone acting on their behalf from selling Plot No. 22, Block 5 in execution of the mortgaged transaction between the respondents,” reads part of the application.

Judge Gerald Ndika is set today to hear the application lodged by the two businessmen, through legal services of Makoa Law Chambers, Advocates.

Other respondents in the matter include Asia Hassan, V.D. Enterprises Company Limited and two businessmen Mitul Shah and Indumat Shah.

Mr Khamis and Mr Mushi, who are applicants in the matter, are seeking the injunction orders, pending determination of a main suit under which they are opposing the title deed of the plot in question which had been deposited in court as bail bond to be mortgaged to obtain the loan after being stolen.

In the main suit, the two are seeking for declaration that the plot is a property of the late Asha Abdrahamani and the same has never been mortgaged to the Bank by her and that the whole process of mortgaged transactions between the Bank and Asia Hassan is null and void ab-initio.

They are further seeking for orders for rectification of the land register of the plot under certificate title number 46313 in respect of the void mortgage transaction between the respondents.

The two applicants are also claiming 200m/- as general damages to be paid by the respondents. It is alleged that on January 12, 2002, Mr Hamis sold the premises to Mr Mushi under the sale agreement executed at a price of 400m/- payments.

But when executing the sale agreement, the two were informed that the original title deed got lost when it was used as a surety bond at Ilala District Court.

Following such circumstances, the court authorities referred Mr Hamis, who is the Administrator of the Estates of the deceased Asha Abdrahamani, to the Registrar of Titles at the Ministry of Lands, Housing and Human Settlement Developments for consideration of a new title deed.

Surprising with great astonishment, it is alleged that when making a follow up on the issuance of the new title deed on the disputed property, Mr Khamis was informed by the Registrar that the said property was mortgaged on April 30, 2012 in favour of V.D. Enterprises Company Limited.

The two applicants took initiative efforts to find out what transpired on the said mortgage transactions and found out that the company obtained the loan from the bank and its collateral security was the title deed, which is alleged to have been stolen from court custody.

It is alleged that the two discovered further that there was personification of the late Asha Abdarahamani by Asia Hassan and the passport size photo attached to the mortgage deeds were not true likeness of the deceased Asha, but true pictures of Asia.

As a result, Mr Mushi, who bought the plot in dispute, lodged a caveat on August 6, 2013 in the Office of Registrar of Titles within the Ministry of Lands, Housing and Human Settlements Development on the property. The same was registered on August 27, 2013.

The plaint of the suit shows that the two applicants notified the bank that the loan was unlawfully obtained since Asia Hassan had impersonated her and in association with V.D. Enterprises Company and the two Shah Brothers allegedly executed the documents with intention to defraud the Bank.

According to the plaint, the company has defaulted to the repayment of the loan. As a result, the Bank is in the process of disposing of the suit premises by way of public auction.

Daily News

No comments:

Post a Comment