Mpisanes give R5.6m in cash for cars

2013-08-02 10:33
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Luxury cars seized from ex-cop

Assets to the tune of R140m were removed from Durban businessman Sibusiso "S'bu" Mpisani's home -- his fleet of luxury vehicles among them. See the pictures.

Durban - Fraud accused businesswoman Shauwn Mpisane and her husband S’bu handed over more than R5.6m in cash in return for six the cars seized by the Asset Forfeiture Unit, The Mercury reported on Friday.
Cars to the value of R22m were seized from the Mpisanes, the National Prosecuting Authority said in a statement in February.

The cars included a Rolls Royce Phantom, a Rolls Royce Ghost, a Maserati, a Ferrari Scaglietti, a Porsche Cayenne Turbo and a Panamera Turbo, two armoured BMW 5 series and two Hummers.

Now two of their Porsches, the Maserati, the Ferrari, a BMW and a Dodge Ram are back in the couple’s showroom-styled garage at their La Lucia home.
Late on Thursday, they contacted the court-appointed curator Trevor White, saying they wanted their cars back.

“I told them they could have them back if they gave me the value of the cars, about R15m in cash,” White said. “They transferred R5.63m and I authorised them to take six vehicles.”

White said the deal made sense. “It was a straight exchange. I have cash in the bank and no assets at risk.”

The head of the Asset Forfeiture Unit in KZN, Knorx Molelle, said while White had the final say, he had sanctioned the deal.
“This way there are no storage fees, no insurance costs and no issue around depreciation. We wanted to preserve the assets pending a possible forfeiture. Cash is better than cars and this is a more economic arrangement,” he said.

Attempts to contact the Mpisanes on Thursday night were unsuccessful, The Mercury said.

Read more on:    sibusiso mpisane  |  shauwn mpisane  |  durban

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