Tycoons to lose homes

2012-10-28 14:39

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

Johannesburg - Luxury homes in South Africa are becoming more available, with two prominent businessmen giving up theirs because of financial woes, according to media reports on Sunday.

The Sunday Times reported that Indian liquor and airline tycoon Vijay Mallya had sold his Camps Bay mansion for R100m, but did not say when the sale took place.

Mallya's spokesperson Prakash Mirpuri denied that his local assets had been affected by his financial troubles, the newspaper reported.

He bought the five-bedroom house for R60m two years ago.

Mallya sold another luxury property, in Bantry Bay, Cape Town, for R18m in April, having paid R25m for it in 2009.

Mallya owns struggling Kingfisher Airlines in India, which carries debt of R8.7 billion.

Extensive business interests

Kingfisher has not paid its staff for months, and its licence to operate has been cancelled.

"Dr Mallya has extensive business interests in many parts of the world, including South Africa. None of these businesses are connected to Kingfisher Airlines," Mirpuri told the Sunday Times.

Meanwhile, City Press reported that South African businessman Mzi Khumalo was likely to lose his home in Zimbali, in KwaZulu-Natal.

Khumalo, his family trust, and its trustees had been issued with a R17m judgment by the High Court in Johannesburg for non-payment on three mortgage bonds.

Their lawyer Tayob Kamdar denied they owed money to RMB Private Bank.

"Our clients definitely intend challenging the default judgment," he told the newspaper.


"We have been instructed to investigate the matter and bring an application rescinding the judgment."

He said his clients had made all the payments due.

Last year, RMB sent letters of demand to Khumalo, his wife Makhosazana, Constitutional Court Judge Ray Zondo, and asset manager Charles Graham.

Makhosazana, Zondo, and Graham are trustees of Khumalo's Mawela Family Trust.

The bank wanted R10.1m from the trustees, and R6.5m from Khumalo, City Press reported.

Read more on:    economy

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
Comments have been closed for this article.

Inside News24


Millions of plastic particles in our food!

Scientists and researchers believe that almost five million tons of plastic is dumped in the oceans every year and it’s affecting our food.



Plastic on your plate
Prince George the green prince?
Lean, green, drifiting machine
One man's $1 million vision for an eco Africa

Book flights

Compare, Book, Fly

Traffic Alerts

It may be hard to maintain a steady rhythm as you find yourself juggling a zillion things. Slow down a little and let go of some...read more

There are new stories on the homepage. Click here to see them.


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.


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.