R66 million for Roux Shabangu’s building

2013-08-14 11:47

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Nedbank bought Roux Shabangu’s Sanlam Middestad building for R66 million at an auction in Centurion this morning.

Bidding started at R65 million. Martin Phillip, head of Nedbank’s corporate properties, submitted the winning R66 million bid.

Shabangu (39) put the value of the building at R850 million. He bought it for R220 million and registered it in his company’s name, Roux Property Fund, in January 2011.

According to media reports, Shabangu (39) had failed to keep up payments on the R320 million bond Nedbank granted him in January 2011.

The controversial businessman entered into a 10-year lease with the public works department on the police’s behalf in May 2010.

Public Protector Thuli Madonsela found that former police commissioner Bheki Cele had unlawfully entered into negotiations for the lease for the building, and for another building in Durban, with Roux Property Fund.

President Jacob Zuma fired Cele from his post in June 2012.

According to the Sunday Independent, the Sanlam Middestad building had been empty ever since the lease was cancelled.

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