Zulu to oppose sequestration

2010-04-15 12:37

Durban businessman Prince Sifiso Zulu will oppose Ithala

Development Finance Corporation’s application to have his estate sequestrated,

the Durban High Court heard today.

Zulu’s estate was placed under provisional sequestration on March

19 after he failed to submit affidavits in a legal battle with Ithala.

The provincial finance corporation had applied to the high court

for the sequestration of Zulu’s estate after he allegedly failed to settle a

debt of almost R5 million.

The court gave Zulu until today to explain why his estate should

not be sequestrated.

Ithala’s advocate, Ernst Crots, told the court that Zulu’s lawyers

had indicated to him that they would oppose the sequestration. They would also

submit affidavits explaining why the sequestration should not be granted.

The judge adjourned the matter until April 29.

Zulu and his former business partner, Ugaraja Pakkiri, were

reportedly granted R5 million to buy an interest in Wart Timber Contractors in

October 2003. The money was supposed to be paid back within 72 months. Ithala

also loaned them a further R800 000 in working capital.

Judgment in an unrelated culpable homicide matter involving Zulu

was expected on April 22.

Zulu was charged with culpable homicide after his car was involved

in a hit-and-run accident that claimed two lives and left 10 people injured in

Durban in March 2008. The state alleges that Zulu was the driver of the car,

which jumped a red traffic light.

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