Markets commentator fails to pay loans
Joburg-based money manager and markets commentator Owen Nkomo is hypocritically failing to manage his own finances.
Nkomo, the CEO of Inkunzi Wealth Group, will soon be kicked out of his Naturena house and also lose his Sandton property if Investec Bank has its way.
Sunday World can reveal that Investec Bank filed papers in the Joburg high court on October 25 to obtain a judgment and execution order to attach the two houses, which are collectively worth more than R2-million.
This after he failed to pay back several loans he took against the two properties.
Wendeed Automated Valuation Report has valued his Naturena home at almost R1.2-million and the Sandton pad at R1.25-million.
Nkomo, who announced that he would list one of his companies, Inkunzi Student Accommodation Fund (Isa), on the JSE this month, obtained a loan for
an undisclosed amount against his Naturena house on June 20 2008 and was supposed to pay more than R3-million in monthly instalments of almost R13 000 for 240 months.
He also received additional loans of R350 000 and R70 000 from the bank against the house located in the south of Joburg on July 15 2008 and was supposed
to pay R3 400 in monthly instalments.
Nkomo later sold the house on October 8 2012 for around R890 000 and moved into his other house in Naturena, which the bank now wants to take to
recover its money.
This resulted in a shortfall of more than R228 000.
Nkomo was expected to pay the shortfall in monthly instaments but he defaulted and, as a consequence, is more than R20 000 in arrears.
Nkomo also obtained another loan from the bank and was supposed to pay more than R2.2-million in monthly instalments of around R9 200. He defaulted
on his monthly repayment and as a result he was more than R103 000 in arrears as at July 26 this year.
“As at 26 July 2019, an amount of R674 242.05 was due and owing in terms of the second loan agreement and interest was due thereon at the rate of 8.15% per annum from 26 July 2019, calculated daily and compounded monthly to date of payment ,” read the papers.
Nkomo had also obtained another loan of almost R1-million from the bank on the same date and was expected to repay it in monthly instalments of around
R4 100.
He further obtained R805 000 and R161 000 in loans against his Bryan Brook property and was expected to pay almost R13 000 in monthly instalments for 240 months.
But despite renting out the Sandton property and collecting R11 000 a month, Nkomo, who recently told 702 listeners that his company wanted to buy Balwin Properties, Capitec Bank and Telkom, failed to keep up with the loan repayments.
The bank has now asked the court to grant it an order to seize the properties after raising concerns about Nkomo’s failure to pay levies, rates and taxes for the
two properties.
According the papers, Nkom owes Bryan Brook Body Corporate more than R300 000 in unpaid levies and the City of Johannesburg more than R73 000 in
rates and taxes.
He also owes the City of Johannesburg almost R40 000 in rates and taxes for his Naturena house.
By Ngwako Malatji
ngwakom@156.38.205.90
