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Look What Might Happen To Kaizer Chiefs Boss, Bobby Motaung About The R10M He Received For His Firm

Kaizer Chiefs supervisor might need to take care of R10m he got for his firm

By Postman

Bobby Motaung: Getty images


Kaizer Chiefs supervisor Bobby Motaung could be compelled to take care of nearly R10-million to a Joburg organization that purchased his destined to-be-sold organization on the grounds that the outlets are declining to perceive the deal understanding.


GRC Property Investment has recorded papers in the Joburg High Court in which it looks for a request to save the liquidation request against Motaung's organization, Lakeshore Trading 224, which claims the shopping complex in Ormonde, close to Gold Reef City in Joburg south.


They on the other hand believe the court should release Motaung's organization from conclusive liquidation. When in doubt, they believe that Motaung's organization should take care of the cash.


In court papers, which we have seen, GRC Property Investment chief Ahmed Talia Nazir said they purchased the shopping complex in 2016 preceding it very well may be set under liquidation by another organization, called Pent Up, to which Motaung owed R2.5-million.


Repressed, said Nazir, then positioned Lakeshore Trading 224 under liquidation in 2017, after Motaung and the organization neglected to repay the credit.

Nazir said his organization additionally had a case against Motaung's organization as it had bought the complex for R9.5-million, and had settled up on the sum completely before the organization was put under liquidation. The shopping complex, said Nazir, had not yet been moved into the name of his organization when it was set under liquidation.


He said John Francois Engelbrecht and Gunvantrai Muggan were designated outlets to end up the organization.


He expressed Pent Up had submitted guarantee archives to the outlets who attempted to gather a gathering of leasers to examine confirmation of its case. Notwithstanding, before the unique gathering, his organization obtained Pent Up's R2.5-million case.

Nazir said he introduced this to the vendors yet to his vexation the outlets, chose not to keep the deal arrangement. He expressed they rather positioned Motaung's organization under liquidation and furthermore under the Joburg Master of the High Court.


Nazir said he educated the outlets regarding the deal understanding, and considering that the vendors neglected to submit to the deal arrangement, they need their R9.5-million back from the organization.


After they obtained Pent Up's guarantee, Motaung, who is the sole head of the organization, consented to sell them his portions. " In this example, the candidate will, dependent upon this request being allowed, procure the fifth respondent's portions, and moreover, the fifth respondent has attempted to leave as head of the organization and to choose me upon the release of the organization from liquidation," read the papers.

Nazir said the organization ought to be released from liquidation as it was truth be told both verifiably and industrially dissolvable.


Now it is left on who ever might be reading this article to comment on behalf of your own views.

By Postman


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Source:https://www.sundayworld.co.za/news/kaizer-chiefs-boss-may-have-to-pay-back-r10m-he-received-for-his-firm/

Content created and supplied by: Postman.com (via Opera News )

Bobby Motaung GRC Property Investment Gold Reef City Joburg Kaizer Chiefs

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