News24

R48m assets order against Mulaudzi reversed

2014-10-13 19:39

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."

Comments
  • Legens Monspubis - 2014-10-13 19:42

    a friend of number one ? Hlophe is .

      Mc Segal - 2014-10-13 19:47

      So who messed up here then??

      Koel Kalant - 2014-10-14 06:42

      Sloppy and the AA judge are the same, paltry knowledge of the law.

      Arthur A Lilford - 2014-10-14 08:07

      Is this crowd (Luvhomba Group) involved with Blue Moon Light properties or Blue Moonlight Properties there seems to be some legal shenanigans with the these links as well don't believe that Luvhomba Group got that big on just legal dealings alone

  • David Broadfoot - 2014-10-13 20:07

    " They " look after " Their " own.

  • Frank Jordaan - 2014-10-13 20:26

    Ja nee!!

  • paul.haines.393 - 2014-10-13 21:49

    A man who has 10 bank accounts has something to hide.

  • Nico Louw - 2014-10-13 22:01

    Was he sober ?

  • selbysello.rasoesoe - 2014-10-14 07:20

    These guys must get proper legal advise and who would ascertain prospect of success in these type of matters. Look at the embarrassment now.

  • Stuart Shaw - 2014-10-14 07:46

    If what this guy had done warranted AFU seizing R48m of assets, where is the prosecution? Something stinks here, maybe he didn't contribute to the JZ Pension Fund or the AFU deliberately stuffed it up?

  • Arthur A Lilford - 2014-10-14 08:07

    Is this crowd (Luvhomba Group) involved with Blue Moon Light properties or Blue Moonlight Properties there seems to be some legal shenanigans with the these links as well don't believe that Luvhomba Group got that big on just legal dealings alone

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