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Tables are turning. January 26 is far but not far. We keep marching. – Entrepreneur, Tuwani Matthews Mulaudzi.

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Sizwe sama Yende

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Businessman Tuwani Matthews Mulaudzi has scored another victory after the Supreme Court of Appeal (SCA) granted him leave to appeal his liquidation.

Mulaudzi was liquidated by the Waterkloof Boulevard Home Owners Association when he was undergoing trial in the Pretoria Commercial Crimes Court that was based on bogus charges of fraud, theft, money laundering and racketeering relating to a R48 million investment.

The association’s liquidation order in the Gauteng Division of the High Court was granted ex-parte – meaning that Mulaudzi was not there to defend himself.

During this application, the entrepreneur was preoccupied with the seven-year trial, which eventually crumbled his business empire - the Luvhomba Group. The group has interests in mining, IT, consulting and retail.

WATCH: How the state persecuted and ruined an innocent entrepreneur's life (Matthews Tuwani Mulaudzi)

Mulaudzi was acquitted of all charges in June 2022 and has since been fighting unscrupulous Master of the High Court officials, trustees, creditors and liquidators to reclaim his multi-million rand assets and R105 million cash.

On the other hand, Mulaudzi has gone on the offensive by instituting a R184 billion lawsuit against the state for malicious prosecution.

He and the Waterkloof Boulevard Home Owners Association have a date in the SCA on January 26 next year where Mulaudzi will be fighting for rescission of the liquidation order.

The success of the liquidation application stemmed from the damage that the false charges had caused Mulaudzi as one of his companies that owned the house could no longer meet its obligation of paying levies because all business accounts linked to him were frozen.

In another matter, the courts have already acknowledged that if it were not for the fictitious charges, Mulaudzi would not have found himself in a precarious financial position.

“Tables are turning. January 26 is far but not far. We keep marching,” he said in reaction to the SCA’s decision.

About two weeks ago, the SCA dismissed an appeal by creditors, liquidators, Master of the High Court officials and trustees to cling to the businessman’s assets.

They had tried to liquidate Mulaudzi but he argued convincingly that he found himself insolvent because of the false charges.

The appeal was brought forward by Oscar Jabulani Sithole, Christopher Peter van Zyl, Selby Musawonke Ntsibande on February 14. They were disgruntled with a December 6 2023 Northern Gauteng High Court judgement, which interdicted them from taking certain actions pertaining to Mulaudzi’s assets until his application to set aside the sequestration order was heard.

The Northern Gauteng High Court had interdicted and prohibited the appellants from convening and/or holding a creditor's meeting or implementing its decisions if it was already held.

The court had also interdicted them from administering Mulaudzi’s insolvent estate pending the outcome of a Special Investigating Unit investigation into their conduct.

This outcome paved a way for Mulaudzi to get his assets back, but it remains to be seen if Sithole, Van Zyl and Ntsibande will escalate the matter to the Constitutional Court.

Mulaudzi found himself embogged in this quagmire in 2014, and saw the fruits of his sweat evaporating before his eyes.

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.

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