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The Citizen
a day ago
- Politics
- The Citizen
Eastern Cape floods will not be used as a get-rich-quick scheme, says acting premier
The damage of the floods is estimated to be around R4 billion. Eastern Cape Finance MEC and Acting Premier Mlungisi Mvoko has cautioned that funds allocated to assist victims of recent devastating floods should not be misused for personal gain. A memorial service was held in Decoligny village, Mthatha, on Thursday following the loss of more than 90 lives due to heavy rains that swept across the province last week. The floods, which struck the OR Tambo and Amathole District Municipalities, have left many families displaced. Temporary shelters have since been set up, and essential items such as meals, clothing and hygiene products are being distributed to affected communities. Eastern Cape floods: Government pledges support Speaking at Thursday's memorial, Mvoko reaffirmed government's commitment to supporting those impacted by the disaster. 'Premier Oscar Mabuyane said this day shouldn't be for long speeches, but he said I should leave words of hope and the government's commitment in helping the victims of the disaster,' he said. The MEC highlighted the severe impact the floods have had on infrastructure across the province. 'The relentless rain, roaring winds and floodwaters have taken their toll not just on our infrastructure, but also on our people, our communities and our collective sense of safety. ALSO READ: Eastern Cape floods: Police vow to 'wake morals' of looters 'The floods have tested us, but rest assured, we will rebuild the affected communities. 'More than 4 300 people have been affected by the recent disaster in our province. Households are destroyed. More than 4 200 households have been destroyed.' According to Mvoko, 1 963 households have suffered partial roof damage. Additionally, over 400 schools have been affected, with more than 1 500 classrooms damaged – impacting over 40 000 pupils. 'We have not listed damaged roads, bridges, hospitals and water infrastructure, but for now we estimate the damage to be around R4 billion.' Watch the memorial below: 'Get-rich-quick scheme' With the Eastern Cape officially declared a disaster zone, Mvoko condemned those attempting to exploit the tragedy for personal or financial gain – a possible reference to reports of 'water mafias' obstructing the work of humanitarian organisation Gift of the Givers. 'We have observed acts of cruelty where individuals want to benefit from this disaster…. People want to take advantage of disaster zones. They want to be the ones who benefit.' He stressed that corruption in the disbursement of aid would not be tolerated. READ MORE: Eastern Cape floods: Police vow to 'wake morals' of looters 'This tragedy should not and will not be used as a get-rich-quick scheme, where there are people who want to see money from the disaster. 'Any funds dedicated to it will be used prudently to help our people rebuild their lives. 'We ask representatives of government that when the money is received, which is meant to help people, it should be used for what it is intended for.' Mvoko further urged individuals to refrain from misusing or hoarding relief supplies, emphasising that food parcels should not be taken for themselves. Eastern Cape floods death toll Human Settlements Minister Thembi Simelane described the disaster as 'unprecedented,' with the current death toll at 92. 'We are deeply saddened by the horrific human tragedy,' she said. 'We don't want to count more numbers of people who have departed, but we appreciate that it is important for families to find closure,' Simelane continued. The minister said that efforts to restore water and electricity services are ongoing in the affected parts of the Eastern Cape, excluding the areas still too wet for access. 'The Department of Home Affairs is still on site giving assistance to all community members who need their paperwork,' Simelane added. She further confirmed that some pupils had returned to school. Additionally, public infrastructure, such as bridges, are being rebuilt. NOW READ: 'This is a catastrophic disaster': Ramaphosa visits devastated families after deadly EC floods
The Citizen
2 days ago
- Business
- The Citizen
Sharemax rescue vehicle on the brink as creditors circle
The moment Nova enters liquidation, its entire debenture debt becomes due and payable. Nova's previous head office in Pretoria, also the former head office of Sharemax. Picture: Moneyweb One of Nova Property Group's service providers has filed liquidation applications against the holding companies of six of its shopping centres – a move that could have serious consequences for former Sharemax investors. If Nova, the entity responsible for repaying these investors (who became debenture holders in terms of the Sharemax rescue scheme), is placed under provisional or final liquidation, all outstanding debentures would become immediately due and payable. Liquidation would also allow for a comprehensive investigation into the events that led to the group's financial collapse and the conduct of its directors and other key stakeholders. Bright Light Solar (BLS), a company that installed solar systems at several Nova shopping centres, filed the liquidation applications last week. BLS claims Nova owes it more than R4 million in unpaid electricity bills and R80 million in penalties for contractual breaches. It further alleges that Nova acted in bad faith and has abused legal processes to delay payment. 'Given the respondent's clear inability to pay its debts and its repeated attempts to delay enforcement, liquidation is the only appropriate remedy,' BLS CEO Kevin Shames claims in court papers. 'The respondent has repeatedly employed procedural tactics to evade its obligations, and the court should not permit further obstruction.' ALSO READ: Nova breaches the Companies Act for the eighth straight year Solar disputes and unpaid claims According to court papers, BLS installed solar solutions at Nova's Waterglen, Carletonville, Tarentaal, Witbank, Village and Florida shopping centres. In terms of the agreements, Nova would buy electricity from BLS at favourable tariffs for 25 years. However, Shames claims that soon after the commencement of the agreements, Nova started to default on payments despite collecting payment from the shopping centres' tenants. By May 2024 Nova was more than R4 million in arrears for all centres. Shames claims that Nova and BLS later concluded a repayment agreement stipulating that Nova would settle its arrears by October last year. Kevin Shames, CEO of Bright Light Solar. Image: Bright Light Solar website However, Nova failed to make the payments and subsequently issued summonses against BLS for R4.3 million, claiming that BLS did not comply with an oral agreement concluded in October 2021 requiring BLS to install batteries at the centres. Nova also amended the summonses on several occasions. Shames vehemently denies that such oral agreement was ever concluded and claims the summonses were only aimed at delaying repayment. 'This was a coordinated and premeditated litigation strategy aimed at manufacturing a fictitious dispute where none existed in an attempt to obstruct the liquidation applications which had by that stage become inevitable,' he states. BLS subsequently cancelled the electricity supply agreements and warned Nova that it may initiate liquidation proceedings. However, Nova rushed to the court and obtained an urgent ex parte order interdicting BLS from initiating winding up proceedings. The court later set aside the interdict with a punitive cost order, and the judge criticised Nova for failing to provide full disclosure. Shames labels these actions as abusive and in bad faith. 'The abusive ex parte application [and] the mala fide proposed amendments to summonses demonstrate a pattern of conduct that was not initiated to pursue any genuine disputes but were instead a deliberate and bad faith attempt to obstruct legitimate winding-up proceedings.' ALSO READ: Irba surprisingly withdraws SCA application to appeal former Sharemax auditors' judgment Nova to defend Nova chair Connie Myburgh claimed in response to Moneyweb questions that BLS's applications are 'vexatious, opportunistic and without merit'. 'The applications are an abuse of legal process, launched merely for the sake of embarrassing and extorting the Nova Group, under circumstances where Bright Lite Solar [sic] is owed nothing by the said subsidiaries, and there are serious factual disputes between the subsidiaries and Bright Light Solar, as set out in summonses issued by the subsidiaries against Bright Light Solar, late last year.' Myburgh also stated that the Nova companies claim more than R80 million in damages from BLS. 'Notwithstanding the above disputes and damages claims, Bright Lite Solar [sic] deemed it appropriate to issue liquidation proceedings in a totally inappropriate manner, and merely as an extortive defence mechanism.' He also stated that the liquidation applications do not render debentures payable. (Read Myburgh's complete response here). ALSO READ: Irba expert witness questioned at Sharemax disciplinary hearing Debenture repayment obligations If the Nova companies are indeed placed into provisional or final liquidation, the debentures will become immediately payable. This is specified in the Nova Debenture Trust deed, which forms part of the Schemes of Arrangements (SoA) that tasked Nova with repaying former Sharemax investors. The original SoA required Nova to repay investors by 20 January 2022, but the group was not in a financial position to do so. The board claimed it had complete discretion to delay repayments – a position disputed by the Companies and Intellectual Property Commission (CIPC) and the group's auditors at the time. According to Nova's most recent set of annual financial statements (AFS) for the year to the end of February 2024, outstanding debentures amounted to R2.2 billion. ALSO READ: SA's most spectacular case of corporate capture Not the first liquidation application BLS is not the first company to initiate winding-up proceedings against Nova subsidiaries. In 2023, the Quatro Group – which provided security, cleaning, and related services to Nova shopping centres – applied to liquidate 12 Nova entities after the group failed to settle outstanding payments. Quatro later withdrew the applications following a settlement agreement with Nova. However, Nova has yet to honour the agreed repayment. The City of Mbombela cut the electricity supply to two shopping centres for non-payment of their municipal bills in 2023. The City of Mbombela cut the electricity supply to two of Nova's shopping centres in Nelspruit due to the non-payment of its municipal account. This photo shows a notice on the door of the Bazaruto restaurant in Courtside, which had to close its doors. Image: Lowvelder The most notable failure by Nova to pay its debts involves the bridging finance group Beneficio. This case also saw numerous legal challenges from Nova. The case dates back to the late 2010s when Nova borrowed money from Beneficio at an astronomical interest rate of 1% per week as commercial banks refused to lend money to Nova. Nova defaulted on repayments in 2020, prompting Beneficio to sue for about R60 million. However, as in the current BLS case, Nova counter-sued, claiming the interest rate was usurious. However, the High Court and the Supreme Court of Appeal have dismissed all of Nova's applications. Nova has now approached the Constitutional Court, which means the legal process has been dragged out for more than five years. ALSO READ: Liduidators sue Highveld Syndication BRP and Nova chair for R110m Nova's financial position It is perhaps not surprising that Nova is facing liquidation applications. Its most recent AFS revealed a factually insolvent company. The liabilities exceeded its assets by R90 million, while the short-term liabilities amounted to R323 million, which included R188 million due to creditors, R74 million to repay loans, and outstanding tax of R62 million. The company ended the year with accessible cash of R600 000 in its bank account. Nova chair Connie Myburgh (left) and Nova CEO Dominique Haese. Image: Moneyweb Nova's financial position has deteriorated significantly since 2022, when the CIPC forbade the company from selling more fixed assets. That came after Nova sold 19 of the 28 investment properties it was entrusted with (mostly shopping centres). According to Moneyweb's calculations, the total proceeds from these sales amounted to R636 million, of which only R176 million was returned to debenture holders. Since 2018 alone, Nova has generated R350 million from asset disposals – but has paid only R96 million to settle debentures. Nova ostensibly used the balance of around R460 million to fund operational expenses. ALSO READ: The dark underbelly of the business rescue industry Millions more for directors if Nova continues to trade The only winners in the Nova saga seem to be the executive directors. Myburgh and CEO Dominique Haese have collectively earned R100 million from the scheme's inception in 2012 to February last year, roughly R50 million each. Nova has always contended that its remuneration is market-related. Trustee response Jean-Pierre Tromp, the trustee of the Nova Debenture Trust who acts on behalf of debenture holders, said: 'As this is the second set of liquidation applications in two years, it echoes the concerns I raised with the CIPC as to whether the Nova Group is still a going concern.' He is also concerned that Nova may offer some of the property assets in the group as security as part of a settlement agreement, which would be to the detriment of debenture holders. Tromp added that the application wasn't surprising as Nova's latest AFS shows that debt levels have increased to a 'very worrisome level'. 'I have serious doubts as to whether the executive directors are managing the group of companies to the benefit of the debenture holders. I also question the role the independent directors are supposed to fulfil in an oversight function as per King IV [corporate governance code].' ALSO READ: NPA asks Hawks to reopen Sharemax investigation CIPC investigation into Nova's solvency has ground to a halt Nova's financial distress and failure to repay debenture holders led the CIPC to intervene in 2021, issuing directives for the company to prove it wasn't trading insolvently and later barring further asset sales. Nova appealed to the Companies Tribunal, where the matter remains unresolved. The CIPC broadened the scope of its investigation into Nova to include the role regulators, such as the South African Reserve Bank, played in the collapse of Sharemax and other failed property syndication schemes. This 'inter-regulatory' process has since stalled, and has consequently delayed action against Nova as its financial position worsens. Moneyweb queried the CIPC about Nova's 2024 financials before learning of Bright Light Solar's liquidation application. In response, Ndileka Cola of the CIPC stated that the 'Commission continues to monitor the financial performance and conduct of Nova PropGrow Group Holdings Ltd'. 'Enforcement action against the board is being actively considered based on the company's financial position, cash flows, and governance conduct.' Moneyweb asked the CIPC last week whether it was aware of the liquidation application, at which point Cola terminated communication. 'Subsequent to the response sent to you last week, please be informed that the CIPC will not be communicating on this matter until it has been concluded,' she wrote in a statement. ALSO READ: Jacques Pauw calls AfriForum 'outright stupid' on Modise, calls for Sharemax prosecution Harrison and White Concerns about Myburgh's involvement in the timing of liquidation proceedings have previously surfaced in other cases. During the 2010s, Myburgh served as a legal advisor to Harrison and White (H&W), a company placed in liquidation in 2017. A Section 417 inquiry into the events preceding the liquidation found that Myburgh had 'colluded with the company's directors and management' to delay an inevitable liquidation application by more than three-and-a-half years, giving time for the company's assets to be stripped. The Master of the High Court subsequently referred the Section 417 report to the National Prosecuting Authority to investigate possible fraudulent conduct by several individuals, including Myburgh. At the time, Myburgh denied wrongdoing and accused Moneyweb of unlawfully publishing the Section 417 report. This article was republished from Moneyweb. Read the original here.
IOL News
2 days ago
- Automotive
- IOL News
Toyota files R6. 5 billion lawsuit against KZN government for flood damages
Toyota's Prospecton plant was flooded in the April 2022 floods. | Supplied by Motor Industry Staff Association. Image: Supplied Toyota South Africa Motors has initiated a R6.5 billion lawsuit against the KwaZulu-Natal provincial government, Transnet, and the eThekwini Municipality, claiming damages from the April 2022 floods that severely impacted its Prospecton plant. In summons filed in the Durban High Court, Toyota South Africa Motors Pty Ltd said it had suffered damages to the tune of R6.5 billion. This included costs in excess of R4 billion for repairs and reinstatement work at the storm-impacted plant and R2 billion for business interruption. Transnet, the KZN Department of Transport, and the eThekwini Municipality have been cited as the defendants. Craig Woolley, a director at law firm Norton Rose Fulbright South Africa Inc, which is acting for Toyota, said all three defendants had 'entered an appearance to defend.' In the court papers, Toyota said that the three organisations had failed in their duty to maintain infrastructure and should have known that neglecting such responsibilities could lead to flooding. During the April floods, the structural integrity of the Umlaas Canal and the diversion berm were compromised, leading to stormwater flowing into the Prospecton Industrial Area, where the Toyota plant is situated, causing extensive flooding and damage, read the court papers. It stated that Transnet owned the Umlaas Canal and was responsible for its management and maintenance, as well as the flood risk associated with it. The concrete-lined canal is intended to channel and divert the uMlazi River around the Prospecton Industrial Area. Together with the diversion berm, it forms an integral part of the flood control and prevention mechanism for the Prospecton Industrial Area, it further stated. It said the Department of Transport was responsible for the management and maintenance of the diversion berm, while the municipality owned, managed, and was responsible for the maintenance and control of the stormwater management system for the Prospecton Industrial Area. Video Player is loading. Play Video Play Unmute Current Time 0:00 / Duration -:- Loaded : 0% Stream Type LIVE Seek to live, currently behind live LIVE Remaining Time - 0:00 This is a modal window. Beginning of dialog window. Escape will cancel and close the window. Text Color White Black Red Green Blue Yellow Magenta Cyan Transparency Opaque Semi-Transparent Background Color Black White Red Green Blue Yellow Magenta Cyan Transparency Opaque Semi-Transparent Transparent Window Color Black White Red Green Blue Yellow Magenta Cyan Transparency Transparent Semi-Transparent Opaque Font Size 50% 75% 100% 125% 150% 175% 200% 300% 400% Text Edge Style None Raised Depressed Uniform Dropshadow Font Family Proportional Sans-Serif Monospace Sans-Serif Proportional Serif Monospace Serif Casual Script Small Caps Reset restore all settings to the default values Done Close Modal Dialog End of dialog window. Advertisement Video Player is loading. Play Video Play Unmute Current Time 0:00 / Duration -:- Loaded : 0% Stream Type LIVE Seek to live, currently behind live LIVE Remaining Time - 0:00 This is a modal window. Beginning of dialog window. Escape will cancel and close the window. Text Color White Black Red Green Blue Yellow Magenta Cyan Transparency Opaque Semi-Transparent Background Color Black White Red Green Blue Yellow Magenta Cyan Transparency Opaque Semi-Transparent Transparent Window Color Black White Red Green Blue Yellow Magenta Cyan Transparency Transparent Semi-Transparent Opaque Font Size 50% 75% 100% 125% 150% 175% 200% 300% 400% Text Edge Style None Raised Depressed Uniform Dropshadow Font Family Proportional Sans-Serif Monospace Sans-Serif Proportional Serif Monospace Serif Casual Script Small Caps Reset restore all settings to the default values Done Close Modal Dialog End of dialog window. Next Stay Close ✕ The Umlaas Canal, south of Durban, pictured yesterday. The canal was compromised during the April 2022 storm leading to extensive flooding of the Prospection Industrial Area, according to Toyota's court papers. Image: Doctor Ngcobo Independent Newspapers Detailing its court action against each of the defendants, Toyota said Transnet should have known that in the event of the Umlaas Canal and the diversion berm failing to manage this stormwater, the Prospecton Industrial Area was likely to be flooded, resulting in damage to the company's premises and property. It said the defendants failed to ensure that these structures were functioning as required to prevent flooding in the Prospecton Industrial Area. Additionally, it had neglected to carry out regular maintenance on the Umlaas Canal, resulting in structural weaknesses, and failed to repair previous flood damage. It said it fell on the Department of Transport to ensure that the diversion berm and canal were functioning properly and it had failed to do so. It added that the municipality should have known that in the event of the stormwater management system not functioning as required, the area where the plaintiff's business was situated was likely to be flooded. 'As a result of these failures, Toyota was compelled to engage various contractors to repair the damage caused by the flooding and hired specialist engineers to repair the structural damage to the premises, as well as damage to electrical installations, plumbing, air conditioning, and assembly systems.' The company suffered 'damages to fixtures and fittings, office contents, and electronic equipment, and experienced losses due to vehicles being flooded and damaged.' Furthermore, they were unable to conduct business activities during the repair period, leading to additional business interruption losses. 'As a result of the aforementioned issues, Toyota claims to have suffered damages amounting to R6 540 980 194.00, which includes R4 488 642 693.00 for the fair and reasonable costs incurred in the repair and reinstatement of the plaintiff's premises and property and R2 052 337 501.00 for business interruption.' 'The defendants are jointly and severally liable to compensate the plaintiff for the aforementioned amounts, along with interest thereon,' stated the court papers. Ndabe Sibiya, the spokesperson for the KZN Department of Transport, said that MEC Siboniso Duma regarded Toyota as an important stakeholder in the province. 'Respectfully, he does not believe that it will be appropriate at this stage to engage on this matter through the media,' said Sibiya. 'We can only indicate that the cut-off low-pressure system continues to leave a trail of destruction across the province. It has triggered floods, mudslides, and a rise in the water table. Bridges, road infrastructure, and houses have been damaged, costing both the KZN Transport and Human Settlements Departments billions of rands. For instance, in 2022 alone, we needed more than R6 billion to repair roads, and we could only reprioritise R2 billion from our budget,' Sibiya said. eThekwini Municipality spokesperson Gugu Sisilana said the municipality was aware of Toyota's action and had filed a notice to defend. Transnet did not respond to a request for comment by the time of publication. THE MERCURY
IOL News
2 days ago
- Business
- IOL News
Old but gold: DRDGold still digs profit from a century of dirt
A few years after the JSE was formed to list companies that were rushing to pull gold out of the mine after it was discovered in 1886, DRDGOLD listed on the bourse. Image: Gerd Altmann/Pixabay A few years after the JSE was formed to list companies that were rushing to pull gold out of the mine after it was discovered in 1886, DRDGold listed on the bourse. It's now the oldest company still listed, having offered its shares to the public in 1895. Its operations have shifted over time, and it is now pulling gold dust out of mine dumps, which were the result of more than a century of mining and dumping the left-over dirt on the edges of mines. Initially, DRDGold, formerly Durban Roodepoort Deep, operated underground mines before transitioning completely from deep level underground mining to the large-scale retreatment of mine dumps and tailings dams. Although there is no information as to how much its stock was worth when it listed, IOL's calculations show that a R10,000 investment into the company five years ago would have reaped an additional R3 708 if dividends were reinvested. Although that's a return of 37.08% over the past decade, it's far less than the bourse's ALSI gain of 75.5% over the same period and worth only two-thirds of the average basket of household items based on May figures from the Household Affordability Index, published by the Pietermaritzburg Economic Justice & Dignity Group. And, reinvesting dividends doesn't make much of a difference, because the total gain is only R3 582, a return of 35.83%. The Pietermaritzburg Economic Justice & Dignity Group's report indicated that the national minimum wage in May, based on 21 working days, is R4 836. The average cost of a household food basket, in the same month, is R5 466. In DRDGold's May press release on its operating performance for the quarter to end-March, it noted that it was celebrating its 130th anniversary of being listed. CEO Niel Pretorius, said in the statement: 'The idea of rolling back mining's environmental legacy aligns with the values of our people. Our people are not only working for the next month or year, but they are also working for the next generation and towards a better future. This is what sustainability is all about.' Video Player is loading. Play Video Play Unmute Current Time 0:00 / Duration -:- Loaded : 0% Stream Type LIVE Seek to live, currently behind live LIVE Remaining Time - 0:00 This is a modal window. Beginning of dialog window. Escape will cancel and close the window. Text Color White Black Red Green Blue Yellow Magenta Cyan Transparency Opaque Semi-Transparent Background Color Black White Red Green Blue Yellow Magenta Cyan Transparency Opaque Semi-Transparent Transparent Window Color Black White Red Green Blue Yellow Magenta Cyan Transparency Transparent Semi-Transparent Opaque Font Size 50% 75% 100% 125% 150% 175% 200% 300% 400% Text Edge Style None Raised Depressed Uniform Dropshadow Font Family Proportional Sans-Serif Monospace Sans-Serif Proportional Serif Monospace Serif Casual Script Small Caps Reset restore all settings to the default values Done Close Modal Dialog End of dialog window. Advertisement Next Stay Close ✕ Ad Loading Macrotrends' information indicates that the all-time high DRDGold stock closing price was 48.32 on March 11, 1997. The discovery of gold on a Transvaal farm, Langlaagte, on the Witwatersrand in 1886 by two prospectors was a turning point in South African history. It changed South Africa from an agricultural society to become the largest gold producer in the world – although it has since lost this crown and isn't even in the top ten producers globally. China is now in first place in terms of gold producers. IOL
The Citizen
2 days ago
- Automotive
- The Citizen
Sars strikes: MaMkhize's luxury cars up for auction
Those interested in buying the vehicles must pay a R50 000 registration fee, and can view the cars in person in Johannesburg and KwaZulu-Natal. Among the luxury cars is a 2022 Mercedes-Benz S680 Maybach Edition 100, one of only 100 made worldwide. Picture: Bidders Choicer website. A total of 13 cars and a tour bus linked to the controversial businesswoman Shauwn 'MaMkhize' Mkhize are set to be auctioned online next week. Bids for the 14 vehicles are welcome from 27 June to 2 July 2025. Some of the cars set to be auctioned, including the tour bus, still have Royal AM Football Club's branding on the sides. The Football Club, formerly known as Bloemfontein Celtics, was bought by Mkhize in 2021 and moved it to KwaZulu-Natal. ALSO READ: Fast to run to court but slow to pay taxes: Sars boss reacts to Shauwn Mkhize's court defeats A 2016 Mercedes-Benz G-Wagen ONYX. Picture: Bidders Choice website Cars to be auctioned According to Bidders Choice's website, the vehicles will be auctioned because of a case related to the South African Revenue Services (Sars) against Royal AM Football Club. The football club was placed under curatorship by the taxman to recover money owed by Mkhize. She reportedly owes Sars at least R37 million in tax debt. Those interested in buying the vehicles must pay a R50 000 registration fee, and can view the cars in person in Johannesburg and KwaZulu-Natal. A 2020 Bentley Continental GTC (2019 Edition). Picture: Bidders Choice website Names and prices of cars Among the luxury cars is a 2022 Mercedes-Benz S680 Maybach Edition 100, one of only 100 made worldwide. This type of car has previously been auctioned for R5.6 million, while a standard one can be purchased for R4 454 000. Another luxury car set to be auctioned is the 2020 Bentley Continental GTC (2019 Edition), which used models can be found in the range of R4 million. A 2016 Mercedes-Benz G-Wagen ONYX, which is understood to be a rare vehicle because of the ONYX package. For one, an individual can expect to pay more than R2 million, depending on the condition, mileage, and specific features. Bidders will also have the opportunity to purchase a 2022 BMW i7 xDrive 60, a new model available for R2 825 000. ALSO READ: MaMkhize's Masterclass: life lessons, financial woes, and fans shouting 'Pay back the money!' A 2022 BMW i7 xDrive 60. Picture: Bidders Choice Website The rest of the vehicles The rest of the vehicles from Mkhize's collection that will be auctioned include: 2018 Mercedes-Benz V-Class Maybach Bus 2012 BMW 750i 2018 BMW GT 640i 2016 BMW X1 2012 BMW X6 Xdrive 40d 2013 Toyota Hilux 2.7VVTI Double Cab 2019 Toyota Hilux 2.7VVTI Single Cab 2014 Mercedes-Benz Marcopolo G7 2009 Nissan NP300 Hardbody 2016 Volkswagen Crafter Earlier this year, the Royal AM Football Club returned to the market after a deal between Chockalingam Moodley of Global Investments and Sars fell through. According to a SARS curator, Jaco Venter's media statement, Global Investments was notified on 19 March of their successful bid to acquire the status of Royal AM and was asked to pay within three days of notification, but the deal collapsed due to non-payment. 'The purpose of this communication is to notify interested parties of the outcome concerning the intended sale or auction of the Royal AM Football Club,' read the curator's statement. NOW READ: MaMkhize apologises to Royal AM players for non-payment of salaries
