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This deal is a lifeline for Mulaudzi, who, even though acquitted in June 2022, finding himself on another battlefield with the Master of the High Court because his assets - R105 milllion in cash and properties, have not been released to him since then.  

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Sizwe sama Yende

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The executive chairperson of the liquidated Luvhomba Group, Tuwani Matthews Mulaudzi, is back in business by force after clinching a R2billion mining deal with a Chinese company.

Mulaudzi was thrown in the wilderness in 2014 when he was wrongfully charged for fraud, theft, money laundering and racketeering.

His business empire in mining, IT, consulting and retail was liquidated after Old Mutual accused him of cashing a R48 million investment he had ceded to Nedbank but claimed it when it matured.

Mulaudzi has signed the deal with Zhejiang Free Trade Zone National Lead Import and Export Co.Ltd for the development of two mines in Mpumalanga’s Highveld area where he owns prospecting and mining rights.

The lifespan of the proposed mines is over 30 years on land with trillions of coal reserves in situ.

According to the Memorandum of Understanding, the Chinese company will provide all the funding as well as mining technology and equipment needed to start the mines on Mulaudzi’s properties.

This deal is a lifeline for Mulaudzi, who, even though acquitted in June 2022, finding himself on another battlefield with the Master of the High Court because his assets - R105 milllion in cash and properties, have not been released to him since then.

Mulaudzi has since reported the matter to the Special Investigating Unit (SIU) to investigate what believes is collusion between trustees, liquidators and staff members.

Asked about how he felt about being able to trade again following the deal with the Chinese company, Mulaudzi said that he was relieved.

“It hasn’t been an easy path. It’s still not. It’s a rocky path and one is up against evil. There is some form of relief, though, I must say, albeit it will take time to undo the damage done. As I always say, no amount of money will buy the reputational damage,” he said.

Mulaudzi had taken a R33 million investment frontiers policy with Fairbairn Capital, underwritten by Old Mutual, when he was charged and arrested.

The Assets Forfeiture Unit (AFU) in the National Prosecuting Authority (NPA) froze Mulaudzi’s assets as he was accused 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.