Ciaran Ryan
3 minute read
9 Dec 2020
9:07 am

Bank shown up in appeal ruling

Ciaran Ryan

It could have put clarifying clause in settlement agreement if R800 000 was part payment – court.

Nedbank branch. Picture: nedbank.co.za

The Polokwane High Court didn’t buy Nedbank’s attempt to claim more than the R800 000 it agreed to in terms of a settlement agreement with the liquidated Cape Town Fish Market Polokwane. The case originally went the way of the bank, but was overturned last month on appeal. When the Cape Town Fish Market (CTFM) in Polokwane was placed in liquidation in 2017, it ended up owing Nedbank nearly R1.5 million under a term loan and a current account. Three parties signed sureties for the loans – Charles and Amanda Stopforth and Busesi Investment 183, the defendants in the case. They...