Breaking News
recent
SA Blog Awards Badge

Bobby Motaung loses multi-million complex fail to pay his debts with Investec Bank.

Kaizer Chiefs boss Bobby Motaung has lost his multi-million shopping complex in Ormonde, south of Joburg, because he could not keep up with his debts with Investec Bank.

Sunday World can exclusively reveal that Motaung, son of soccer supremo and Chiefs owner Kaizer, was forced to sell his business near the historic Gold Reef City casino and theme park after failing to keep up with monthly instalments to service the loan.
According to court documents seen by Sunday World, Investec loaned Bobby's company Lakeshore Trading 224 R9-million in 2008 to purchase the complex, which comprises a number of restaurants and a filling station.
Motaung and his wife Ashler Jessie Motaung used their multimillion-rand mansion in Houghton, north of Joburg, as surety for the loan they secured.
He was supposed to pay R97700 monthly installments for 59 months and a final installment of just more than R4-million.
But, according to court documents, Bobsteak, as Motaung is affectionately known to millions of Chiefs supporters, started defaulting from 2009 after paying over R5-million of the loan.
Investec applied for judgment against him at the South Gauteng High Court and for an order to wind him up.
But Motaung dribbled his way out of trouble by allegedly selling the complex and repaid the loan.
Investec lawyer Barry Farber confirmed Motaung has repaid the loan.
"Because of attorney and client confidentiality I'm unable to discuss the detail of the case in the media, but I can confirm that Mr Motaung has paid his loan and the matter has come and gone," he said.
Motaung said: "That story is outdated. I am not a Mickey Mouse. If you don't have anything to write about don't turn me into a yo-yo. I am not in your league, go and write whatever you want."
Motaung is known for his expensive taste in clothing and watches.
He also drives around in luxury cars, including a Bentley, Porsche, Mercedes-Benz Viano, BMW M5, Audi RS5 and Range Rover Sport.
The showdown between Motaung and the bank was heard on October 2 ,2012.
"Shortly before the matters were brought before court, the respondent contacted the applicant's attorney, Barry Farber and indicated that he wished to settle his debt.
Subsequently, on 27 September 2012, the matters were removed from the roll of 02 October 2012 in order to allow the respondent to settle its indebtedness to the applicant.
The respondent advised that it would attempt to sell a property owned by it and use such proceeds to settle its indebtness to the applicant. No such sale came to fruition," reads the document.
Before paying off the loan, the bank was demanding over R4-million plus interests from Motaung.
"Recoveries manager of Investec Bank Limited hereby certify that Lakeshore Trading 224 (Pty) Ltd is indebted to Investec as follows; for an amount of R4159950.28 (four million one hundred fifty-nine thousand nine hundred and fifty rand and twenty-eight cent) as at 23 April 2014 in respect of a loan agreement concluded under contract number 241800/001, together with costs and interest there on calculated at a rate of 11,25%. (being Investec prime rate, currently 9.00% minus 0.75% plus penalties interest of 3.00%) with effect from 23 April 2014, calculated daily and compounded monthly to date of payment both days inclusive," read the court documents.

Bobby's bling assets

Bobby Motaung's house in Houghton, north of Joburg, was bought for R3.9-million in 2005. It is one of Motaung's many bling assets including cars and watches. Prices for the cars are average amounts in today's terms. The watch is also an average price and that might increase or decrease depending on the model.












Khabza Mkhize

The Edge Search

The Edge Search a space for fresh information News, Events, Entertainment, Lifestyle, Fashion, Beauty, Inspiration , Gossip and Funn

Follow us
Twitter: @TheEdgeSearch
Facebook: fb/TheEdgeSearch
Instagram: @theedgesearch
Google+: +theedgesearch

Powered by Blogger.