Court attaches properties of two Chinese firms to recover over 11bn/- of Exim Bank

THE High Court (Commercial Division) has attached properties owned by two Chinese investment companies to recover over 11bn/- loan facility advanced by Exim Bank (Tanzania) Limited.

The attachment order has been issued against five judgment debtors, including the two companies, Xing Hua Investment Limited and Yicheng Xing Hua Industries & Trade Co Limited.

Other judgment debtors are individual persons such as Lusekelo Mwekapanda, Li Shuchuan and Xiao Yunihua, who, according to the plaint of the suit, had executed guarantee to Xing Hua Investment Limited, as the principal borrower.

Properties that have been subjected for attachment include landed properties registered under plots No 1, 2,3,4,5 and 6 Block LL at Ibadakuli in Shinyanga Region in the name of judgment debtor.

“It is ordered that you, the said (judgment debtors), are hereby prohibited and restrained, until further order of this court, from transferring or changing the properties by sale, gift or otherwise,” reads part of the attachment order.

According to the attachment order issued by Deputy Registrar Beda Nyaki recently, all other persons have been prohibited from receiving the properties in question by purchase, gist or otherwise.

The court issued such orders after the judgment debtors had failed to satisfy a decree passed against them on October 28, 2015 in a commercial case determined in favour of the bank, as the decree holder, for payments of $5,904,071.63 and 5,000/- as court commission.

It is stated in the plaint of the suit that on November 2, 2013, the bank offered to Xing Hua Investment Limited an overdraft facility to the tune of $5 million for the duration of 12 months. Xing Hua Investment Limited allegedly dully accepted the offer on November 5, 2013.

As per terms of the offer, the overdraft was to be used for working capital purposes and that it would be secured by a legal mortgage over plots No 2, 4 and 6 Block LL Industrial Area at Ibadakuli in Shinyanga in the name of the Tanzania Investment Centre leased to Xing Hua Investment Limited.

Furthermore, the loan was to be secured by a corporate guarantee of Yicheng Xing Hua Industries & Trade Co Limited and personal guarantees of Mwekapanda, Shuchuan and Yunihua, with Xing Hua Investment Limited creating a debenture over its assets in favour of the bank.

The Chinese company was further required to execute a demand promissory note to pay the drawn amount on demand.

Upon acceptance of the offer, the company executed a loan agreement with the consent of the TIC and other judgment debtors effected with their guarantees.

Thereafter, upon conclusion of the securitisation process, the principal borrower fully enjoyed the overdraft.

As at November 2014, when the same lapsed, the borrower was still indebted in its accounts. By May 31, 2015, the amount due and payable was $5,046,459.63.

Due to such default, the bank issued final demand notices to the defendants on May 20, 2015, but the borrower and guarantors failed, refused and, or neglected to comply.

It was at such point in time, when the bank decided to take the matter to court for determination.

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