Former Eskom and Transnet CEO Brian Molefe’s property, located in an upmarket lifestyle and safari resort in Limpopo, has been sold for cheap in a bank-sanctioned auction, according to a News24 report.
The News24 report suggests that Molefe’s five-bedroom, the double-garage property was auctioned off for less than half its purchase price.
Molefe was granted a bond for the property from Standard Bank and subsequently made the purchase during his tenure as Transnet’s CEO.
The property, located south of Polokwane, was purchased for R8.5 million in 2012.
It was auctioned in April this year, losing around R5 million of its value in the 10 years Molefe owned it.
The report stated the property was purchased by a private buyer, who had to also take on the outstanding bills, which is just north of R600 000.
The property’s arrear rates and taxes amounted to R483 633, and its arrear levies R142 630. This was reportedly according to a notice in the government gazette.
Molefe did not appear to keep up with payments on the R4 million bond, forcing Standard Bank to take a legal route to reclaim its money.
Standard Bank went on to win the case against Molefe, after which a warrant of execution to sell the luxury property was issued.
The auction overseen was the sheriff for Mokopane.
Molefe and Former Transnet Group Chief Financial Officer Anoj Singh were arrested together with two other people in August for their alleged involvement in a multi-million Rand Transnet scandal dating to 2012.
Regiments Capital Directors Niven Pillay and Litha Nyhonhya are the other two suspects.
Molefe and Singh were charged with contravention of the Public Finance Management Act (PFMA) and fraud.
-IOL
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