Johannesburg – Absa bank is accusing Tshakhuma Tsha Madzivhandila Football Club boss Lawrence Mulaudzi of failing to play ball and is demanding two Bentleys, a R9-million home loan and more than R300 000 in overdraft funds from the football club boss .
Sunday World can exclusively reveal that Absa has obtained three combined summons in the Joburg High Court and is seeking orders to repossess Mulaudzi’s R 6.5-million property in Sandhurst in Joburg, two Bentley vehicles valued at more than R5.9 million and a Mercedez-Benz worth more than R1.3-million.
It is also seeking judgment against Mulaudzi, who is already collapsing under a mountain of debt, for failing to pay at least R300 000 of an overdraft he obtained a year ago.
The bank’s lawyers, Tim du Toit & Company Inc, said Mulaudzi and Black Gold Family Trust, whose trustees are him, Tshifumulo Mulaudzi and Thilivhali Prince Mulaudzi, obtained a loan of R9-million on September 27 last year to purchase an incomplete property in the exclusive suburb of Sandhurst.
Mulaudzi was required to pay more than R95 000 in monthly instalments for 240 months from December 1 last year. But the Venda-born tycoon apparently defaulted on the loan and was more than R635 000 in arrears, prompting the bank to apply for an order to attach and sell the property.
The city of Joburg is said to be owed R140 000 in rates and taxes.
The bank also said on April 15 last year, it advanced a R2.5-million loan to Mulaudzi to buy a R3-million Bentley Continental GTV8 2017 model afterer putting down a deposit.
He was expected to pay more than R46 000 in monthly instalments from June last year, with a residual value of R479 800 on May 1 2025, but failed to do so.
“The defendant failed to comply with his obligations in terms of the agreement and failed to pay the monthly instalments due in terms of the agreement to the plaintiff .
As at 11 May 2020, the defendant was in arrears with an aggregate amount of R309 647.85 and not withstanding demand, failed to make payment of the amount to the plaintiff ,” read the papers.
The papers further said on the same date, Mulaudzi was given a loan of more than R2.5-million to buy a R3-million Bentley Bentayaga 4.0 V8 2018 model after paying a deposit.
He was required to pay more than R44 000 in monthly instalments for 70 months from June 1 last year.
He was also supposed to pay a residual value of R599 790 on May 1 2025 .
“As at 11 May 2020, the defendant was in arrears with an aggregate amount of R190 823.96 and notwithstanding demand, failed to make payment of the amount,” read the papers.
The papers also said the bank gave Mulaudzi over R1-million to buy a R1.3-million Mercedes-Benz V250 BlueTech Avantgarde A/T 2019 model.
He was supposed to pay over R16 000 in monthly instalments from June 1 last year with over R365 000 residual value payable on May 1 2025.
“As at 11 May 2020, the defendant was in arrears with an aggregate amount of R93 391.51 and not withstanding demand, failed to make payment of the amount to the plaintiff,” read the papers.
The bank also said it gave Mulaudzi a R204 000 overdraft facility on his cheque account on April 3 and R75 000 credit card facility on March 29 last year. He was expected to pay over R7 000 in monthly instalments for his credit card but failed to service it and as at May 11 this year, he was still owing the bank R78 622 .
Mulaudzi could not be reached for comment at the time of going to print.
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