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Investors in court over USD357,000 payment delay
2008-02-19 10:17:43
By Michael Haonga
Two investors, Robert Schelterns and David Ryan Scholz are to reappear in court in Dar es Salaam this Friday for none compliance to pay USD357,573.2 to local businessman, Baldev N. Varma as ordered by the court.
The Dar es Salaam based Commercial Court had ruled that the complainant in the case, Baldev Varma, be paid USD357.573.2 by the two investors on November 26, 2007 they had bought his furniture industry firm in the city, but they only settled 80 per cent of the agreed price.
The two, up to January this year, allegedly had not paid the money hence were last week re-brought before the court under arrest warrant.
When the two re-appeared before the Commercial Court Registrar, John R.Kahyoza last week, the case was adjourned to February 22, 2008.
It was alleged that the local businessman trusted the two investors after they paid 80 per cent of the agreed purchase price, allegedly after they promised him to pay the remaining 20 per cent later.
The two allegedly failed to live to the letter and spirit of the agreement and hence were taken to court which entered judgement and decree to the effect that they should pay the remaining amount of 20 per cent plus interest rate and cost.
When the duo investors re-appeared in Court last week, the Commercial Court Registrar ordered them to reappear before it this Friday.
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