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.

Investigate

"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.

- SAPA
Read more on:    economy
NEXT ON NEWS24X
SHARE:

Read News24’s Comments Policy

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
73 comments
Add your comment
Comment 0 characters remaining

Inside News24

 
/News

Jobs in Cape Town [change area]

Property [change area]

Travel - Look, Book, Go!

Kalahari.com - shop online today

40% off top appliances!

Save 40% on the top 10 appliances on kalahari.com. While stocks last. Shop now!

Save 20% on Camping gear!

Buy 4 camping items and save 20%. While stocks last. Shop now!

Fifty Shades of Grey!

This great read will captivate you from cover to cover and leave you itching for more. Get your copy now!

20% off braai items!

Save 20% when you buy 2 braai items. While stocks last. Shop now!

30% off Pampers!

Save 30% when you buy 3 or more selected pampers products. While stocks last. Shop now!

Horoscopes
Aquarius
Aquarius

You are on form and you may like an audience to share your ideas and concepts with. Drama and creativity flavour your...read more

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.