ABSA Bank — no response on cession cancellation letter
As discussed the problem that Freek is experiencing at Absa. From branch level he has been trying to get this sorted out but no success. He is really at his witt's end
Here are the basics:
In 1999 Frederick Johannes Spies ID no [protected] started a Transport company called Mahembe Transport reg no 1999/070746/23 with a bank account at Absa. Somewhere in 2002 he increased his overdraft facility, and Absa required that he takes out a policy that will cover the overdraft in case of death. This policy had an endowment portion and stands now at the value as per the attached.
In 2007 Freek sold the company to the Reclamation group as part of their transport expansion, and Freek took over Reclamation's fleet management as part of the deal.
He kept up the contributions to the policy.
He now wants for the policy to pay out its capital value, but it is noted on the policy that their is security to Absa for said entity. Momentum cannot release the funds to Freek before Absa puts in writing to Momemntum that:
"Mahembe transport CC has no liability towards Absa, and the funds can be released to FJ Spies for policy with detail as attached"
Unfortunately this thing has gone backwards and forwards for over 4 years now. Unfortunately Freek doesn't have anymore documentation relating to the bank account number, and Absa cannot find anything either.
I cc'd Freek on this mail. (his te no is +[protected])