Savenda pays Stanbic $1 million over lease

SAVENDA Management Services Limited has paid Stanbic Bank over US$1 million for the lease buy-back facility obtained in 2008 after a Supreme Court judgment.

A lease buy-back can be described as a transaction in which the owner of a property sells an asset, typically real estate, and then leases it back from the buyer. In this way, the transaction functions as a loan, with payments taking the form of rent.

In this matter, the court ordered that Savenda Management Services Limited pays Stanbic US$1.36 million it was owed under a lease buy-back facility for a US$540,000 loan used to buy a…

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