A COURT has ordered Aitape-Lumi MP Patrick Pruaitch to pay more than K1.6 million to the Kina Bank for defaulting on an overdraft facility agreement he signed in July 2014. National Court judge Justice Thomas Anis also ordered that Karridale Limited, whose property known as State Lease, Allotment 7, Section 55, in Boroko, Port Moresby, was held as security for the overdraft facility, to surrender the property to Kina Bank. On July 11, 2014, Kina Bank approved an overdraft facility of up to K1.5 million to Pruaitch for his personal use. It was later reduced to K1.24 million in August that year. In June 2018, Kina Bank issued a notice of demand to Pruaitch after the overdraft facility had gone into arrears by around K1.3 million. The bank claimed that no payment was received after that.
In July 2018, the bank issued Pruaitch a notice of default for not complying with the demand notice. In August 2018, Kina Bank filed in court a writ of summons and a statement of claims. Justice Anis ordered that Pruatich pay the Kina Bank the “liquated sum of K1,329,167.23” plus “a pre-judgment accrued interest sum of K305,890.46”. The total is K1,635,057.69 On top of that, Justice Anis ordered that a post-judgment interest of 11.2 per cent per annum be charged on the arrears if not settled within 30 days from the date of his ruling. He also ordered that Pruaitch pay Kina Bank’s cost of the proceedings “which may be taxed if not agreed”. He granted leave to Kina Bank to issue a writ of possession on the property known as State Lease, Allotment 7, Section 55, Boroko, Port Moresby owned by Karridale Limited. An attempt to get a comment from Pruiatch yesterday failed. Statement/TheNational/PNGfacts Next : Comments are closed.
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