Andile Ramaphosa, the president’s eldest child, is being dispossessed of his luxury saloon and kicked out of his posh house in Joburg after failing to keep up with monthly payments.
The young Ramaphosa, who admitted having received R2-million from corruption- accused Bosasa, was dragged to the Joburg High Court by Standard Bank last week after he failed to pay instalments for the BMW 650i.
The lender, the country’s biggest bank by assets, also wants to attach and auction off Ramaphosa’s Edenburg mansion, which he used as surety for an R1.8-million loan he obtained about seven years ago.
In the court papers, which we have seen, Standard Bank’s Dudzai Mungani, said Ramaphosa and the bank had entered into a medium-term loan agreement in which the bank advanced R1.8-million to him. Ramaphosa agreed to repay the loan in monthly instalments of R15 000 for a period of 120 months (10 years). He used his luxury property as surety for the loan and permitted the bank to sell it if he failed to repay it in full.
The president’s son, Mungani said, had breached the agreement when he defaulted on his monthly instalments and because of his tardiness, the bank cancelled the loan agreement and demanded that he settle the outstanding balance in full.
“In breach of the medium-term loan agreement, the respondent failed to make payment of the instalments due and as of 12 October 2021, the respondent was accordingly indebted to the applicant in the amount of R1 491 452.98,” read the papers. The bank is praying for an order to attach and auction the property off in a bid to recoup its money. “The respondent may prevent the property declared from being executable by settling all outstanding amounts owed to the applicant,” read the papers. Ramaphosa’s financial woes did not end there.
The flamboyant businessman, whose father donated more than R5-million to the ANC to pay staff salaries last year, also ob- President’s son Andile to lose the car, home for unpaid debt Edenburg home used as surety for R1.8m loan, car loan overdue Andile Ramaphosa is being kicked out of his posh house in Joburg. trained a loan of close to R1-million from the bank, after signing a vehicle asset finance agreement with it, to buy a luxury BMW 650i. Ramaphosa agreed to pay an instalment of more than R13 400 per month for a period of 72 months, but defaulted on payments and was, according to the papers, almost R86 000 in arrears.
“In breach of VAF (the vehicle asset finance) agreement, the respondent failed to make payment of the instalments due and as of 12 October 2021, the respondent was accordingly indebted to the applicant in the amount of R86 568 together with interests,” read the papers.
The papers also stated that the bank’s lawyers had terminated the VAF agreement on February 10 last year and demanded that he must surrender the vehicle. Ramaphosa and the bank entered into a settlement agreement on August 1 last year where he undertook to pay R23 000 before August 15 and to pay R18 000 twice between September and October last year and R17 000 before November 1.
But he allegedly violated the settlement agreement when he failed to make the stipulated payments, leaving the bank with no choice but to ask for the court to grant it an order to repossess the vehicle.
“The applicant seeks an order for the repossession of the vehicle. “As set out above, the vehicle remains the property of the applicant until the respondent has paid all amounts due in terms of the VAF agreement,” read the papers.
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