R66 million for Roux Shabangu’s building

2013-08-14 11:47

Multimedia   ·   User Galleries   ·   News in Pictures Send us your pictures  ·  Send us your stories

Nedbank bought Roux Shabangu’s Sanlam Middestad building for R66 million at an auction in Centurion this morning.

Bidding started at R65 million. Martin Phillip, head of Nedbank’s corporate properties, submitted the winning R66 million bid.

Shabangu (39) put the value of the building at R850 million. He bought it for R220 million and registered it in his company’s name, Roux Property Fund, in January 2011.

According to media reports, Shabangu (39) had failed to keep up payments on the R320 million bond Nedbank granted him in January 2011.

The controversial businessman entered into a 10-year lease with the public works department on the police’s behalf in May 2010.

Public Protector Thuli Madonsela found that former police commissioner Bheki Cele had unlawfully entered into negotiations for the lease for the building, and for another building in Durban, with Roux Property Fund.

President Jacob Zuma fired Cele from his post in June 2012.

According to the Sunday Independent, the Sanlam Middestad building had been empty ever since the lease was cancelled.

Join the conversation!

24.com encourages commentary submitted via MyNews24. Contributions of 200 words or more will be considered for publication.

We reserve editorial discretion to decide what will be published.
Read our comments policy for guidelines on contributions.

24.com publishes all comments posted on articles provided that they adhere to our Comments Policy. Should you wish to report a comment for editorial review, please do so by clicking the 'Report Comment' button to the right of each comment.

Comment on this story
0 comments
Comments have been closed for this article.

Inside News24

 
/News

Book flights

Compare, Book, Fly

Traffic Alerts
There are new stories on the homepage. Click here to see them.
 
English
Afrikaans
isiZulu

Hello 

Create Profile

Creating your profile will enable you to submit photos and stories to get published on News24.


Please provide a username for your profile page:

This username must be unique, cannot be edited and will be used in the URL to your profile page across the entire 24.com network.

Settings

Location Settings

News24 allows you to edit the display of certain components based on a location. If you wish to personalise the page based on your preferences, please select a location for each component and click "Submit" in order for the changes to take affect.




Facebook Sign-In

Hi News addict,

Join the News24 Community to be involved in breaking the news.

Log in with Facebook to comment and personalise news, weather and listings.