Palapye Development Trust Auction Averted

source: Mmegi

SELEBI-PHIKWE: The auctioning of Palapye Development Trust has been averted. The district officer for Palapye, Mooketsi Lesetedi, confirmed to Monitor but said he cannot divulge any information surrounding the whole issue.

“I cannot say anything beyond that because there are still some internal issues going on. For now I can only confirm that there is no auction sale,” says Lesetedi.

NDB was scheduled to sell the land last Friday because the trust has failed to pay the bank loan for the construction of the newly opened mall behind BP filling station.

It has been reported that the trust got a P6.1millon loan from NDB to construct the mall and that the Trust debt to the bank has accumulated to about P9 million because the Trust could not afford to pay monthly installments of over P100, 000. On top of that, it is reported that the trust also owed the contractor over P100, 000 despite that an [continue reading]

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