President Andile’s son in Losercar, home for unpaid debt
Andile Ramaphosa, the president’s eldest child, is dispossessed of his luxury salon and evicted from his posh Joburg home after failing to pay his monthly installments.
Young Ramaphosa, who admitted receiving R2million from Bosasa, accused of bribery, was dragged to Joburg High Court by Standard Bank last week after failing to pay installments for the BMW 650i.
The lender, the country’s biggest bank by assets, also wants to seize and auction Ramaphosa’s Edenburg mansion, which it used as collateral for a R1.8million loan it secured about seven years ago.
In court documents, which we have seen, Standard Bank’s Dudzai Mungani said Ramaphosa and the bank entered into a medium-term loan agreement in which the bank advanced him R1.8 million. Ramaphosa agreed to repay the loan in monthly installments of R15,000 over a period of 120 months (10 years). He used his luxury property as collateral for the loan and allowed the bank to sell it if he did not repay it in full.
The president’s son, Mungani said, had breached the agreement when he defaulted on his monthly installments and because of his delay, the bank canceled the loan agreement and demanded that he pay the balance in full outstanding payment.
“In breach of the medium term loan agreement, the defendant failed to make payment of the installments due and as of October 12, 2021, the defendant was therefore indebted to the plaintiff in the amount of R1,491,452.98” , read the newspapers. The bank is praying for an order to seize and auction off the property in a bid to get their money back. “Defendant may prevent enforcement of declared assets by paying all amounts due to plaintiff,” the newspapers read. Ramaphosa’s financial troubles didn’t end there.
The flamboyant businessman, whose father donated more than 5 million rand to the ANC to pay staff salaries last year, also ob- served President Andile’s son to lose the car, house for unpaid debt Edenburg house acted as surety for R1.8m loan, overdue car loan Andile Ramaphosa is evicted from his posh Joburg home. formed a loan of almost R1 million with the bank, after signing an automotive asset finance agreement with it, to buy a luxury BMW 650i. Ramaphosa agreed to pay an installment of over R13,400 per month for a period of 72 months, but failed to pay and was, according to the newspapers, almost R86,000 in arrears.
“In breach of the VAF (vehicle asset finance) agreement, the defendant failed to make payment of the installments due and as of 12 October 2021, the defendant was therefore liable to the claimant in the amount of R86,568 plus interest,” read the papers.
The newspapers also said that the bank’s lawyers terminated the VAF agreement on February 10 last year and demanded that he return the vehicle. Ramaphosa and the bank reached a settlement agreement on August 1 last year where he pledged to pay R23,000 by August 15 and to pay R18,000 twice between September and October last year and R17,000 before November 1.
But he allegedly breached the settlement agreement when he failed to make the stipulated payments, leaving the bank no choice but to ask the court to grant him an order repossessing the vehicle.
“The plaintiff is seeking an order to repossess the vehicle. “As stated above, the vehicle remains the property of the plaintiff until the defendant has paid all amounts due under the VAF agreement,” the newspapers read.
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