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Bank to blame, says property boss

April 23 2013 at 10:37am By Kamini Padayachee Comment on this story

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Durban - Durban businessman and chief executive of the eLan Group, Mark Taylor, who is being sued by Standard Bank over late bond and overdraft repayments, says any late repayments were the banks fault and he does not owe any money. Durban High Court Judge Graham Lopes on Monday granted an order, taken by consent, which refused the application for summary judgment against Taylor. He was also granted the right to defend the action. Taylor, a property entrepreneur who founded the eLan Group in 1997, has recently been in the spotlight due to the land claim dispute surrounding the companys multibillion-rand Blythedale development on the North Coast.

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In the present case, Standard Bank - which lists Taylor, who lives on the Mount Edgecombe golf estate, as a private bank client - said he had reneged on a bond repayment on a Phoenix property and on his repayments for his overdraft facility. The bank is claiming R102 000 (plus interest), being the total amount of a bond on the Phoenix property, alleging that he has failed to pay all his monthly instalments and owes R9 000. The second claim involves a debt of about R73 000 plus interest n his credit card.
www.iol.co.za/news/crime-courts/bank-to-blame-says-property-boss-1.1504826#.UXZOJqJmh8E

Durban businessman and chief executive of the eLan Group, Mark Taylor, who is being sued by Standard Bank over late bond and overdraft repayments, says any late repayments were the bank s fault and he does not owe any money.

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Bank to blame, says property boss - Crime & Courts | IOL News | IOL.co.za

Taylor, in an affidavit filed with the court, denied he breached his contract in respect of the bond repayments and that the agreement should be cancelled. He said he had purchased the Phoenix property for his domestic worker Priscilla Nguni. The gated estate does not permit domestic assistants to reside on the property and therefore I agreed to purchase a property for her close to the estate. The benefits included that it would shorten her trips to and from work. It also provided her with accommodation and kept her family together. He said he obtained a loan from Standard Bank to purchase the property and set up a debit order from his account with the bank for the bond repayment, which was not onerous at R1 273.93 a month. Taylor claims problems arose when he switched to First National Bank about six months ago and Standard Bank did not transfer his debit order. I sent a request in writing to Standard Bank asking that the debit order be transferred. I also phoned my account consultant and was assured that my request was received, I did not need to send any further documentation and it would be transferred. It was not transferred and I did not notice, due to the debit amount not being very high. Taylor said he had instructed his attorney to pay the amount in arrears and would undertake to make the necessary further repayments. By payment of the arrears I hope I may prevail on the plaintiff (Standard Bank) to reinstate the contract. In respect of the other claim, Taylor denied he was indebted to the bank and said he would defend the action. The Mercury

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