VBS saga: Former Venda king on the hook for R5.6m after appeal bid falls flat | Business

  • 📰 News24
  • ⏱ Reading Time:
  • 21 sec. here
  • 2 min. at publisher
  • 📊 Quality Score:
  • News: 12%
  • Publisher: 80%

France Nouvelles Nouvelles

France Dernières Nouvelles,France Actualités

Former Venda king Toni Mphephu-Ramabulana has lost his bid to appeal a ruling ordering him to pay R5.6 million to the liquidator of VBS Mutual Bank. | News24_Business

Mphephu-Ramabulana was officially recognised as the king of the VhaVenda Community in a proclamation signed by former president Jacob Zuma in 2012. But he wasA year later, Mphephu-Ramabulana was ordered to pay R5.6 million toLast year, the South Gauteng High Court in Johannesburg heard that between 2015 and 2018, Mphephu-Ramabulana received millions of rands in financing to buy a Range Rover 5.0 V8, a BMW 760i Sedan, and a Mercedes-Benz V250d.

But he defaulted on his vehicle repayments. He was later issued with a letter of demand by Rooplal, who had been appointed VBS's liquidator in 2018. While the Mphephu-Ramabulana's lawyers initially agreed that he would make the necessary repayments, they later changed track to argue that VBS was not a registered credit provider and should not have lent funds to the"overindebted" king.

 

Merci pour votre commentaire. Votre commentaire sera publié après examen.
Nous avons résumé cette actualité afin que vous puissiez la lire rapidement. Si l'actualité vous intéresse, vous pouvez lire le texte intégral ici. Lire la suite:

 /  🏆 4. in FR

France Dernières Nouvelles, France Actualités