4 days ago
Nedbank scores legal victory in R15 million loan dispute
The court found there were no reasonable prospects that Baba's appeal would succeed and ruled that he must repay the loan, along with interest and legal costs.
Nedbank has won a court case won in an ongoing legal battle after the Western Cape High Court dismissed an attempt by Moussa Baba to appeal a judgment holding him liable as surety for a R15 million property loan.
The court found there were no reasonable prospects that Baba's appeal would succeed and ruled that he must repay the loan, along with interest and legal costs.
Baba had signed as surety and co-principal debtor when Bestinver Company South Africa bought property in Hyde Park backed by a R15 million loan from Nedbank.
When Bestinver defaulted on repayments in 2020, the bank called in the loan. Because of the surety agreement, Baba was responsible for the full amount, plus interest and attorney-and-client costs.
In trying to overturn that ruling, Baba argued that the loan had effectively been paid off when R14 million was deposited into Nedbank's attorneys' trust account. That money had been paid by Elite Vision, a company owned by the Baba family.
After Bestinver bought the property, the company went into liquidation and another Baba family owned company, Elite Vision, agreed to buy the house.
