Lawrence Mulaudzi — who is the former owner of Tshakuma Tsha Madzivhandela (TTM) football club — is reportedly sinking in debt.
According to City Press, the Limpopo businessman has lost two of his luxury cars — a Bentley Continental worth more than R3 million and a Mercedes-Benz BlueTEC worth R1.3 million.
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LAWRENCE MULAUDZI’S CARS ALLEGEDLY REPOSSESSED
Last year, Absa Bank reportedly auctioned the Bentley, which he initially bought for R3 253 189.19. The publication reports that the lavish car was boughtfor R1 million at the action.
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On 27 March, the bank applied for a writ of execution after Mulaudzi failed to pay an outstanding amount of R1.3 million, which was due by December. His total monthly instalments were said to be R46 319.32.
In addition, a default judgment was granted on 4 April against Mulaudzi which compels him to pay the remaining R401 410,11 for a Mercedes-Benz BlueTEC worth R1.3 million. The car was reportedly sold in July.
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In October last year, City Press reported that Mulaudzi’s mansion in Cape Town could be placed on auction after a property investment company placed an application before the Johannesburg High Court.
The application came after Real estate company Acucap Investments accused him of owing R640 974 for the rental of the Sandton premises he uses for his Black Gold Oil and Gas company.
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The publication reported that ater the business tycoon allegedly defied a court order granted against him in 2020 to settle the rental bill, Acucap applied to declare Mulaudzi’s house, which is worth R19 million, especially executable.
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