CEO slams Nedbank for reckless lending after default on R2.6m loan

A MALAWIAN man who has been unable to meet his monthly bond payments has accused Nedbank of reckless lending after owing over R2.6 million on his home loan.

- SINENHLANHLA MASILELA

Bonface Tintin Ndawala, an accountant and the CEO of a mobile company in his home country, bought his home in Sunninghill, Johannesburg, in October 2011. He purchased his home with a bank loan of R2.4m. Initially, Ndawala was responsible for paying R27 559.62 each month, but his last payment was made in August 2021, amounting to R20 221.14. The failure to maintain payment resulted in arrears exceeding R977 000.

In court, Ndawala represented himself after his attorney withdrew a few hours before the hearing. He told the court that he holds 5 400 shares valued at R1 000 each in Midveldt Investments (Pty) Ltd, which he claimed could be sold to alleviate his financial burden.

However, Nedbank said Ndawala failed to attach an evaluation certificate from an actuary or other accountant to confirm the value of those shares.

This argument was accepted by Acting Judge JL Bhengu, who said, given the fact that Ndawala's indebtedness spans from 2021, he should have at least taken steps to sell his shares to cover his debts, if indeed the shares are worth that much.