10 December 2018

Tanzania: Dar Court Orders Business Tycoon Manji to Pay Over 33bn/-

THE High Court's Commercial Division has ordered prominent businessman Yusuf Manji and four other defendants to pay over 33bn/- to the National Bank of Commerce (NBC) Limited, being monies outstanding on account of credit facilities extended in different occasions.

In a commercial case No 54 of 2018 decided by Judge Butamo Philip, Manji and defendants Farm Equip (Tanzania) Company Limited, Tanperch Limited, Quality Group Limited and Kaniz Manji are to pay a total of 15,982,193,605.23 on account of overdraft and the import loan facility as at February 28, 2018.

According to court records, in this transaction, the principal borrower was Farm Equip (Tanzania) Company Limited, while other defendants had executed personal guarantees.

In a commercial case No 56 of 2018 decided by the same judge, the court ordered Mr Manji and the defendants therein to pay the Bank a sum of 5,468,274.23 US dollars being payments of an overdrawn amount and accrued interest.

Apart from Manji, other defendants in this case were Tanperch Limited, as principal borrower, Quality Group Limited and Kaniz Manji as guarantors. There was another commercial case No 55 of 2018 determined by Judge Barke Sahel involving 5,359,418,687.31 payments

Defendants in this case were Quality Corporation Limited as principal borrower, while Quality Group Limited, Tenperch Limited, Yusuf Manji and Kaniz Manji were guarantors to the 5,359,418,687.31 being repayment of multi optional loan facilities that stood as at February 28, 2018.

Full story will be published in the Daily News on Tuesday 11th December, 2018

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