R48m assets order against Mulaudzi reversed

2014-10-13 19:39

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Johannesburg - A provisional order to seize R48m worth of assets from Luvhomba Group executive chairperson Matthews Tuwani Mulaudzi has been reversed in the Western Cape High Court.

Western Cape Judge President John Hlophe also ruled that the Assets Forfeiture Unit (AFU) was to pay costs in the matter.

The AFU initially applied for the provisional order in late August, raising allegations that Mulaudzi had been involved in fraud affecting Old Mutual and Nedbank, as well as money laundering. He was never formally charged.

Subsequently, Mulaudzi approached the court about the matter and on 18 September the provisional order for the seizure of assets was discharged.

Sapa previously reported on the initial granting of the order.

Mulaudzi said on Monday that he felt "vindicated" by the court's ruling. He said previous reporting on the matter had been "damaging and unacceptable" as it had not sought out his side of the story.

He said he had started a process of instituting legal proceedings against the AFU, Old Mutual and Nedbank.

"I'm going to sue the hell out of them."

Read more on:    nedbank  |  afu  |  npa  |  old mutual  |  cape town  |  judiciary

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