Khanyi Dhlomo’s Luminance loan was not quite 'paid'

2014-09-07 06:00

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

The controversial R34.1?million loan by the National Empowerment Fund (NEF) to fund Luminance, Khanyi Dhlomo’s luxury store in Hyde Park, was not exactly paid back, as announced last week.

In fact, the loan was refinanced by an unknown funder. This was not confirmed by Dhlomo, who did not respond to questions.

Philisiwe Mthethwa, CEO of the NEF, announced last week that Ndalo Luxury Ventures (NLV), which trades as Luminance, had “settled its loan obligations in full”.

This was only partly true, and it implied that Luminance had done so well it was able to repay the loan.

The loan came to light last year, shortly before the NEF placed a moratorium on new loan applications.

Last week Mthethwa said: “NLV began repaying the NEF loan in June 2013, in essence because it is a viable business, and has now settled its loan obligations in full.”

This week she said the loan was indeed settled with NEF, but refinanced by another funder. She said this was not uncommon.

» Get City Press newspaper for the full story.

Join the conversation! 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. 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

Traffic Alerts
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 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.