THE LAND AND AGRICULTURAL DEVELOPMENT BANK OF SOUTH AFRICA - Outcome of legal proceedings - The Land and Agricultural Development Bank of South Africa BILB

Release Date: 11/12/2020 11:45:00      Code(s): LBK28 LBK32 LBK38 LBK30 LBK31 LBK18 LBK27 LBK26 LBK37 LBK35 LBK24 LBK15 LBK23 LBK20 LBK29 LBK33       PDF(s):  

Outcome of legal proceedings - The Land and Agricultural Development Bank of South Africa BILB

The Land and Agricultural Development Bank of South Africa

(JSE Code: BILB)

(the “Land Bank”)




Outcome of legal proceedings: STANDARD CHARTERED BANK LTD V THE LAND AND
AGRICULTURAL DEVELOPMENT BANK : CASE NO. 38041/2020

On 26 August 2020, Land Bank announced on SENS that on 18 August 2020, Standard Chartered
Bank (“SCB”) served a court application on Land Bank to recover certain debt owing by Land Bank.

Land Bank worked with its advisers and opposed the application.

On 2 December 2020 in the High Court of South Africa, Gauteng Division, Pretoria, the Honourable
Justice Janse van Nieuwenhuizen, granted an order against the Land Bank, the salient terms of the
judgment can be summarised as follows:

1.     Land Bank is required to make payment to SCB of the amount owing plus interest.

2.     However, this court order and such payment is suspended for 17 months, until 30 April 2022,
       unless certain designated milestones are not achieved, in which event the court order will
       become immediately enforceable.

11 December 2020

Enquiries

Land and Agricultural Development Bank of South Africa

Ayanda Kanana, Chief Executive Officer

Khensani Mukhari, Chief Financial Officer

Rebecca Phalatse, General Manager: Marketing and Communications – Tel: 074 159 6833

Debt Sponsor

The Standard Bank of South Africa Limited, acting through its Corporate and Investment Banking
division (registration number: 1962/000738/06) Contacts:

Ms Natalie Di-Sante

Email: Natalie.di-sante@standardbank.co.za

Tel: +27 (0) 11 721 6125

Date: 11-12-2020 11:45:00
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