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Businessman jumps another hurdle to reclaim his assets worth billions of rands
Entrepreneur Tuwani Matthews Mulaudzi has fought a bruising battle to clear his name of trumped-up criminal charges and reclaim his assets.
Source: Supplied
Sizwe sama Yende
Another ploy by creditors to prevent entrepreneur, Tuwani Matthews Mulaudzi, from being rehabilitated and resume trading has fallen flat.
This means that Mulaudzi - whose business empire was destroyed when trumped up criminal charges of fraud, theft, money laundering and racketeering relating to a R48 million investment were laid against him in 2014, will find no hurdle as he faces a Pretoria High Court judge on December 2 for his rehabilitation by effluxion of time.
From there onwards, Mulaudzi will have full rights to regain all his assets worth billions of rands and R105 million in cash he lost when he was liquidated and sequestrated while attending a lengthy trial he eventually won in the Pretoria Commercial Crimes Court in 2022.
He can start afresh without any debt hanging over his head. Mulaudzi is the executive chairperson of Luvhomba Group, which has an interest in mining, IT, consulting and retail.
An actuary has quantified his entire loss at R184 billion.
Christopher Peter van Zyl, Oscar Jabulani Sithole and Selby Musawonke Ntsibande had filed an urgent application to be heard on September 2 to stop the rehabilitation from going ahead in December.
The trio’s lawyers removed the matter from the urgent roll on Monday this week. The application will no longer be heard on September 2 next week and this renders Mulaudzi’s rehabilitation fait accompli.
“Be pleased to take notice that the above urgent application which is set down on the urgent roll for hearing on Tuesday, 2nd September 2025 is hereby removed from the roll, and postponed sine die (indefinitely),” reads a notice directed to the registrar.
Since his acquittal in 2022, Mulaudzi had to fight another battle against creditors, liquidators, unscrupulous Master of the High Court officials and trustees to reclaim his assets.
They lost their liquidation application in the Supreme Court of Appeal after Mulaudzi argued successfully that he found himself insolvent because of the fictitious charges that cost him everything.
In reaction to the removal of the matter from the urgent roll, Mulaudzi said: “The thugs have no option but to return what belongs to me as I will be rehabilitated and free of any debt. So, come the 2nd of December 2025, after 10 years, by effluxion of time and operation of the law, the sequestration and liquidation fall off naturally.”
Mulaudzi’s life took a turn for the worse in 2014 when Old Mutual accused him of having ceded a R48 million investment to Nedbank but demanded that it be paid to him when it matured.
Mulaudzi 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.
When the court cleared Mulaudzi in 2022, it was too late. He had lost everything and his family had to adapt from a millionaire’s lifestyle to a life of failing to pay for school fees.
Mulaudzi is now taking the fight back to the state as he has instituted a lawsuit for malicious prosecution.
Mulaudzi initially claimed R5 billion, but an actuary report later quantified his losses 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 shares worth R246.5 million in a coal mine and an e-commerce business with a Chinese company and a R100 million investment in a mining company.
The report further indicates that Mulaudzi lost Luvhomba assets worth R3.2 billion and R61 million in income from a contract with the Department of Education to supply and deliver tablets to schools.
He also lost R116.6 million in salary income and R84.2 billion in dividends.