Assets order against businessman Tuwani Mulaudzi reversed

By Drum Digital
13 October 2014

A provisional order to seize R48 million worth of assets from Luvhomba Group executive chairman Matthews Tuwani Mulaudzi was recently reversed in the Western Cape High Court.

Western Cape Judge President John Hlophe also ruled that the Assets Forfeiture Unit (AFU) was to pay costs in the matter.

The AFU initially applied for the provisional order in late August, raising allegations that Mulaudzi had been involved in fraud affecting Old Mutual and Nedbank, as well as money laundering. He was never formally charged.

Subsequently, Mulaudzi approached the court about the matter and on September 18 the provisional order for the seizure of assets was discharged.

Sapa previously reported on the initial granting of the order.

On Monday, Mulaudzi said he felt "vindicated" by the court's ruling. He said previous reporting on the matter had been "damaging and unacceptable" as it had not sought out his side of the story.

He said he had started a process of instituting legal proceedings against the AFU, Old Mutual and Nedbank.

"I'm going to sue the hell out of them."

-SAPA

Find Love!

Men
Women