Kaizer Chiefs boss Bobby Motaung has misplaced his multi-million buying complicated in Ormonde, south of Joburg, due to the fact he couldn't hold up together along with his money owed with Investec Bank.
Sunday World can solely display that Motaung, son of football supremo and Chiefs proprietor Kaizer, became pressured to promote his commercial enterprise close to the anciental Gold Reef City on line casino and topic park after failing to hold up with month-to-month instalments to provider the mortgage.
According to courtroom docket files visible through Sunday World, Investec loaned Bobby's enterprise Lakeshore Trading 224 R9-million in 2008 to buy the complicated, which contains some of eating places and a filling station.
Motaung and his spouse Ashler Jessie Motaung used their multimillion-rand mansion in Houghton, north of Joburg, as surety for the mortgage they secured.
He became alleged to pay R97700 month-to-month installments for fifty nine months and a very last installment of simply greater than R4-million.
But, in line with courtroom docket files, Bobsteak, as Motaung is affectionately recognized to tens of thousands and thousands of Chiefs supporters, began out defaulting from 2009 after paying over R5-million of the mortgage.
Investec carried out for judgment towards him on the South Gauteng High Court and for an order to wind him up.
But Motaung dribbled his manner out of hassle through allegedly promoting the complicated and repaid the mortgage.
Investec legal professional Barry Farber showed Motaung has repaid the mortgage.
"Because of lawyer and consumer confidentiality I'm not able to talk about the element of the case withinside the media, however I can affirm that Mr Motaung has paid his mortgage and the problem has come and gone," he said.
Motaung said: "That tale is outdated. I am now no longer a Mickey Mouse. If you do not have whatever to put in writing approximately do not flip me right into a yo-yo. I am now no longer to your league, move and write something you want."
Motaung is understood for his luxurious flavor in apparel and watches.
He additionally drives round in luxurious automobiles, which includes a Bentley, Porsche, Mercedes-Benz Viano, BMW M5, Audi RS5 and Range Rover Sport.
The showdown among Motaung and the financial institution became heard on October 2 ,2012.
"Shortly earlier than the topics have been added earlier than courtroom docket, the respondent contacted the applicant's lawyer, Barry Farber and indicated that he wanted to settle his debt.
Subsequently, on 27 September 2012, the topics have been eliminated from the roll of 02 October 2012 a good way to permit the respondent to settle its indebtedness to the applicant.
The respondent counseled that it'd try and promote a assets owned through it and use such proceeds to settle its indebtness to the applicant. No such sale got here to fruition," reads the document.
Before paying off the mortgage, the financial institution became stressful over R4-million plus pursuits from Motaung.
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