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The South African
4 days ago
- Business
- The South African
Kaizer Chiefs boss faces financial scandal
Kaizer Chiefs Football Club manager Bobby Motaung finds himself at the centre of a financial storm, with court papers filed to have his estate sequestered. According to a Sunday World report, Pent Up Investment CC has approached the Johannesburg High Court, claiming that Motaung owes the company more than R4.3 million linked to a property deal gone sour. Costas Couremetis, head of Pent Up Investment, alleges that Motaung has failed to settle the outstanding amount from a R9 million judgment issued back in November 2009. In a sworn affidavit, Couremetis detailed Motaung's failure to honour the full judgment amount. 'Pursuant to a failure by Lakeshore (Motaung was listed as the sole director of Lakeshore Trading) to make payment of the purchase price for the property in full, the applicant instituted proceedings… and obtained judgment on or about November 12, 2009 in a sum exceeding R9-million, plus interest and legal costs,' reads the court filing. The affidavit claims that as of January 2024, over R4.3 million remains unpaid. Despite not disputing the debt, Motaung allegedly made no significant effort to settle it. 'In fairness to the respondent, he has not sought to dispute the indebtedness… However, he has clearly not been able to pay the full sum… even after having been given various reasonable and generous indulgences over many years,' Couremetis added. What raised eyebrows, however, is the picture painted of Motaung's lavish lifestyle. 'The respondent has over all of these years lived a very opulent lifestyle, driving a Bentley… living in a large immovable property in… Houghton… wearing very expensive clothing and… watches… portraying the image of a very successful businessman… by virtue of the prominent position which he occupies at Kaizer Chiefs Football Club.' History of legal troubles This latest legal development adds to a string of past controversies. In 2016, a fraud and corruption case linked to the construction of Mbombela Stadium. Where Motaung was implicated, was dropped due to insufficient evidence. The same year, Sowetan Live reported that the South African Revenue Service (SARS) issued Motaung with a tax bill totalling R44.7 million. Then, in 2021, Sunday World revealed that SARS instructed liquidators to recover R90 million from a company. In which Bobby Motaung served as a director. While Motaung has remained tight-lipped in the face of these latest accusations. The unfolding legal battle could have lasting implications. Not only for his personal finances but also for his reputation at one of South Africa's biggest football clubs. Will Kaizer Chiefs' Bobby Motaung reputation still be intact? Let us know by leaving a comment below or send a WhatsApp to 060 011 021 1. Subscribe to The South African website's newsletters and follow us on WhatsApp, Facebook, X, and Bluesky for the latest news.
The Citizen
5 days ago
- Business
- The Citizen
Chiefs' Motaung in hot water
'The indebtedness as it currently stands at the end of January 2024 is in the sum of over R4.3-million,' reads an affidavit from Costa Couremetis. Kaizer Chiefs football manager Bobby Motaung is subject to court papers aiming to have his estate sequestrated, according to a report from ALSO READ: Nabi drops hint over Chiefs future The news website reports that Pent Up Investment CC have filed papers in the Johannesburg High Court, with the company's boss Costas Couremetis claiming Motaung still owes him over R4.3 million with regards to a property deal. 'indebtedness' An affidavit submitted by Couremetis claims that Motaung has not paid almost half of the R9 million that he was ordered to pay in November 2009. 'Pursuant to a failure by Lakeshore (Motaung was listed as the sole director of Lakeshore Trading) to make payment of the purchase price for the property in full, the applicant instituted proceedings in the above honourable court and obtained judgment on or about November 12, 2009 in a sum exceeding R9-million, plus interest and legal costs,' read the papers. 'The indebtedness as it currently stands at the end of January 2024 is in the sum of over R4.3-million. 'In fairness to the respondent, he has not sought to dispute the indebtedness since the judgment was granted against him. However, he has clearly not been able to pay the full sum, as and when it was due, even after having been given various reasonable and generous indulgences over many years. 'The respondent has over all of these years lived a very opulent lifestyle, driving a Bentley motor vehicle; owning and living in a large immovable property in a very prestigious area, namely Houghton; wearing very expensive clothing and different, very expensive watches at our various meetings and generally portraying the image of a very successful businessman, who is extremely well off; and who occupies a considerable position in the eyes of society, throughout South Africa, by virtue of the prominent position which he occupies at Kaizer Chiefs Football Club.' ALSO READ: Nabi is wrong, Chiefs' league position is inexcusable This is not Motaung's first brush with the law. In 2016 a five-year long fraud and corruption case in which he was implicated, with regard to the building of Mbombela Stadium, was struck off the roll due to insufficient evidence. Tax bills? According to the Sowetan Live, Motaung was also slapped with a R44.7 million tax bill by the South African Revenue Service (SARS) in June 2016. In September 2021, the Sunday World also reported that SARS had asked liquidators to recover R90 million owed to them by a company in which Motaung was one of the directors.
