Company calls for release of Lm300,000 deposit

A notary public was yesterday called upon by means of a judicial letter to release a deposit of Lm300,000 that had been made by a prospective vendor of a company on a promise of sale agreement.

Mira Motor Sales Ltd filed its judicial letter against Carmel Mangion. The company referred to the promise of sale agreement entered into in February, 2004 whereby it had bound itself to sell property known as Mira Buildings at Msida to Britam Ltd.

A deposit of Lm300,000 had been left with the notary on the promise of sale agreement and this was due to Mira Motor Sales Ltd on March 3 in terms of the agreement as a deposit on account of the purchase price.

The company declared that Britam Limited had effected this deposit by means of a cheque made out in the joint names of notary Mangion and of Dr George Abela. The latter, who signed the judicial letter, declared that he was consenting to the release of the deposit in favour of Mira Motor Sales Ltd.

By way of conclusion, Mira Motor Sales Ltd declared that the notary's claim that he could not release the deposit as a result of the terms and conditions of the agreement was not legally viable.

The letter was also signed by Dr Robert Abela.