Kokoliko in fresh K2.1m rental case
Kokoliko Holdings Limited, a self-proclaimed multi-billion kwacha investment portfolio touted as an emerging conglomerate, has been ordered to pay outstanding rental arrears failing which it faces bankruptcy.
A notice of statutory demand filed at the High Court of Malawi’s Commercial Division in Lilongwe shows that Bina Kakusa, the proprietor of the residential house used by Kokoliko Holdings Limited in Area 10 in Lilongwe, is demanding K2 146 748 million in rental arrears as of January 27 2022.
The notice shows that from the initial sum being demanded, K1 731 074.65 million is the principal balance while the accrued interest is K196 841. The notice shows that K218 832 is the collection charges in accordance with the Legal Practitioners (Scale and Minimum Charges) Rules.
Reads part of the notice: “The creditor demands that you pay the above debt or secure or compound for it to the creditors satisfaction within 21 days from the service of this statutory demand on you.
“If you fail to do so, the creditor may file a bankruptcy application against you.”
As an alternative, to avoid a bankruptcy application being filed against the firm, Kokoliko Holdings Limited can attempt to agree a settlement with Kakusa within the 21 days by, among others, offering security for the debt or compound for the debt to the creditor’s satisfaction.
According to the notice, Kokoliko Holdings Limited is also at liberty to apply to the High Court to have the demand set aside if it has grounds to do so within 18 days.
“Any application to set aside the demand should be made within 18 days from the date of its service upon you and be supported by an affidavit stating the grounds on which the demand should be set aside.
“If you are unable to make the application within 18 days from the date of its service upon you, you can apply to court for more time to make the application,” further reads the notice.
But when contacted yesterday, lawyer for Kokoliko Holdings Limited Gift Nankhuni said he had not seen the notice as of yesterday.
In March last year, Kakusa also dragged the firm to court demanding in excess of K3.15 million in rental arrears for several months.
Kakusa also demanded an accrued interest of K315 142 plus the rate of 24.4 percent per annum as well as collection charges amounting to K233 954 and costs of the court case.
In a June 28 2021 ruling, High Court Judge Charlotte Malonda ordered Kokoliko Holdings Limited to pay costs of the court case.
One of the firms directors Daud Suleman unveiled Kokoliko Holdings Limited in February last year.
