Moorosi Tsiane
MASERU businessman, Binare Ramochela, who is accused of wrongdoing in a multi-million state electrical tender, has been sued by Nedbank Lesotho for defaulting on repaying loans worth nearly M3.2 million.
Court papers filed last week in the High Court reveal that Mr Ramochela took out several loans from Nedbank on 6 July 2021, including a home loan, personal loans, a vehicle finance agreement and an overdraft facility.
He is alleged to have defaulted on all accounts totalling M3 196 387.73, prompting the bank to demand full repayment.
According to Nedbank court papers filed last week, the home loan, worth M3 406 651.54, was repayable over 240 months at a monthly instalment of M28 248, with interest charged at the prime rate. To secure the loan, Mr Ramochela registered a first mortgage bond over his Ha-Makhoathi property, Plot No. 15301-024, on 5 August 2021. By 31 October 2025, he had fallen behind by M119 208.55, leaving an outstanding balance of M2 925 994.63, excluding interest.
“Mr Ramochela failed to pay the monthly instalments as agreed, resulting in arrears of M119 208.55. The full amount due and payable as of 31 October 2025 was M2 925 994.63, plus interest at the prime rate per annum,” Nedbank states.
On the same day the home loan was approved, the bank granted a personal loan of M204 196.46, repayable at M5 787.17 per month. Court documents show that Mr Ramochela defaulted again, leaving M189 284.42 outstanding, attracting interest at prime plus 10% per annum.
His financial troubles escalated with a vehicle finance deal for a Toyota Land Cruiser Prado 4.0L worth M1 262 755.80 under a hire-purchase agreement. Ownership remained with Nedbank pending full payment. After Mr Ramochela allegedly failed to meet monthly instalments of M27 085.95, the bank terminated the contract.
“The vehicle was voluntarily surrendered and later sold for M650 000, leaving a shortfall of M63 060.05,” the bank claims.
In addition, Mr Ramochela was granted an overdraft/credit card facility, repayable on demand or in instalments set by the bank. By October 2025, he was allegedly in arrears of M18 048.62 on this facility.
Nedbank says it issued a pre-enforcement notice under the Financial Consumer Protection Act of 2022, advising Mr Ramochela of his rights and demanding settlement. The bank alleges he failed to respond.
“Despite demand, Mr Ramochela failed, neglected, and refused to comply with Nedbank’s notice and demand to pay the aforesaid sums,” the bank submits.
The bank is now asking the court to order Mr Ramochela to settle the entire outstanding debt, with interest and costs.
Mr Ramochela is one of the people who were in January 2025 charged with corruption, embezzlement, and money laundering in connection with the M86.6 million Ha Belo electrification project.
The Directorate on Corruption and Economic Offences (DCEO) accused former Ministry of Energy Principal Secretary, Themba Sopeng, of unlawfully and intentionally engaging in corrupt practices in June 2021 by abusing his role as chief accounting officer in facilitating the award of the tender to Phaks JV without adhering to proper procurement procedures.
Mr Ramochele, who is part of Phaks JV, and Mr Sopeng were charged alongside Mookho Pule, ‘Mathapelo Silase, Neo Lekhotla, Motsekuoa Phalole, Teboho Mokhethi, Makhabane Leluma, Mojaki Lesenyeho, and other representatives of Phaks JV who allegedly played various alleged criminal roles in the project.