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I say here and no further. It's time they give Ceasar what belongs to Ceasar. – Businessman, Tuwani Matthews Mulaudzi.

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Sizwe sama Yende

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Creditors, liquidators, Master of the High Court officials and trustees may have reached a cul de sac after the Supreme Court of Appeal (SCA) dismissed their application to keep assets of vindicated businessman, Tuwani Mathews Mulaudzi.

They had intended to liquidate Mulaudzi but he has argued successfully that he found himself insolvent because of the fictitious charges that crumbled his business empire when he faced trial for seven years for fraud, theft, money laundering and racketeering relating to a R48 million investment.

Mulaudzi is the executive chairperson of Luvhomba Group, which has an interest in mining, IT, consulting and retail.

The Pretoria Commercial Crimes Court acquitted Mulaudzi in June 2022 following the gruelling trial but since then he has been unable to reclaim his assets worth millions of rands and R105 million in cash.

The SCA dismissed an appeal brought forward by Oscar Jabulani Sithole, Christopher Peter van Zyl, Selby Musawonke Ntsibande on February 14.

They were trying to reverse a December 6 2023 Northern Gauteng High Court judgement, which said that pending Mulaudzi’s application to set aside the sequestration order they were:

·      Interdicted and prohibited from convening and/or holding a creditor's meeting or implementing its decisions if it was already held;

·      Interdicted from administering Mulaudzi’s insolvent estate pending the outcome of a Special Investigating Unit investigation into their conduct;

 “The applicants are at risk of significant, irreversible harm if this order is not issued,” Judge Elspeth Khwinana said.

It is still not clear if, after the failure of the appeal, the applicants will elevate the matter to the Constitutional Court.

Mulaudzi said that it was time he got his assets and cash back.

“Finally, justice is beginning to be seen to be done.  For far too long have these thugs been holding onto my assets and messing up with their corrupt practices, without being accountable, litigating at will because it's not their money, but tax payers,” Mulaudzi said.

“I say here and no further. It's time they give Ceasar what belongs to Ceasar,” he added.

Mulaudzi has asked the SIU to investigate because he suspected that his assets were hidden by corrupt activities on his assets.

Mulaudzi’s woes began in 2014. Old Mutual accused him of having ceded a R48 million investment to Nedbank but demanded that it be paid to him when it matured. He had taken a R33 million investment frontiers policy with Fairbairn Capital, underwritten by Old Mutual.

The Assets Forfeiture Unit (AFU) in the National Prosecuting Authority (NPA) accused Mulaudzi of having ceded the policy to Nedbank in return for R37.6 million. The AFU said that Mulaudzi tried to buy back the policy from Nedbank in 2012, but the bank refused. He then used the same policy to get an overdraft facility at Absa.

The AFU said that, when the policy matured in June 2014, Mulaudzi contacted Old Mutual to request that the full value of the investment, which was R48 million, be paid to him. The money was deposited into Mulaudzi’s Absa account on 6 June 2014, the AFU said, when the cession of the policy to Nedbank had not been effected on Old Mutual’s system.

 

MEGA LAWSUIT

Mulaudzi has decided to sue the state for malicious prosecution.

He initially claimed R5 billion, but an actuary report by Manala Actuaries, which will be used in court, has quantified his loss at R184 billion.

The report indicates that Mulaudzi’s company, Luvhomba Group, lost profits in the region of R120.3 million from its electronics subsidiary.

He also lost:

·      A stake valued at R130 million in a coal mine;

·      A 40% stake worth R116.5 billion in an e-commerce business with a Chinese company;

·      A R100 million investment in a mining company;

·      Luvhomba assets worth R3.2 billion;

·      R61 million in income from a contract with the Department of Education to supply and deliver tablets to schools;

·      Loss of R116.6 million in salary income and R84.2 billion in dividends.