Gauteng businessman and tenderpreneur Richard Nyathi has been hauled to the Johannesburg High Court by Standard Bank for refusing to return four vehicles, which the bank claims it owns.
The court action was instituted on June 7 by Standard Bank against Nyathi.
The bank said in court that Nyathi, who is the owner of Anix Trading 587 cc, a well-known waste management company based in Germiston, east of Joburg, had failed to meet obligations of servicing his debt based on the assets he had acquired through Standard Bank.
Nyathi’s company, which also does work for the City of Ekurhuleni, where it supplies fuel and waste management operations, is accused by the bank that it failed to return assets financed in terms of credit and the suretyship agreements.
Nyathi and his company failed to continue paying instalments for a 2017 Mercedes-Benz V Class, a 2017 Range Rover Sport SVR and a HPVR 1000: 6×4 Combination Truck and a 2019 CAT 426F 4×4 Backhoe Loader.
According to court documents, the agreements were cancelled by Standard Bank on April 2024 due to non-payment of the arrear instalments.
The bank stated that Nyathi and his company only made a payment of R389 700 on August 4, 2022.
Despite Nyathi opposing the relief sought contending that he had remedied the breaches by paying an amount of R339 000, the court ordered that the vehicles be attached.
Handing down the order Judge Marcus Senyatsi said that after having considered the papers and the submissions by counsel for the applicant and respondents, he ordered for the cancellation of the agreements entered into between Standard Bank and Nyathi.
The court ruled that the sheriff is empowered to attach, seize and hand over the assets mentioned in the application.
“The applicant is given leave to approach this court on the same papers duly supplemented for payment of the difference between the balance outstanding and the market value of the aforesaid assets at the date of cancellation together with any damages the applicant may have sustained,” reads Senyatsi’s judgment.
Nyathi was also ordered to carry the costs of the court application.
