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Sisulu On Brink Of Losing Expensive Properties Due To Debts

Late Struggle icons Walter and Albertina Sisulu’s grandson, Zwelethu, is on the brink of losing his house and cars worth more than R7-million after he failed to keep up with monthly installments.

This comes after a local bank filed an application at the South Gauteng High Court in Jozi last week asking for a judgment against ANC presidential candidate Lindiwe Sisulu’s nephew. It claimed that he was a bad customer.

At the centre of the legal dispute is a 2014 Range Rover Sport 5.0, that Zwelethu bought for R1.2-million in April 2014, and a 2013 Porsche Boxster S bought for R1.1-million in December 2013.

The bank has asked the court to issue an order authorising the sheriff to repossess and sell the cars to pay for Sisulu’s debts.

According to documents filed at court by the bank, Sisulu, the eldest son of the late journalist and businessman, Zwelakhe, was expected to pay a monthly installment of R20664 towards his Range Rover and R19620 for the Porsche.

However, according to payment records filed in the affidavit, Zwelethu, 37, appears to have only managed to pay just over R538000 for the Range Rover and almost R454000 for his Porsche in the past three years, though the payments were not consistent.

The documents indicate that the young Sisulu was in arrears of about R250000 for the two luxury machines at the time of the legal application.

The court papers also state that the bank has asked the judge to issue an order authorising it to approach the court in the case where there was a shortfall after the vehicles have been repossessed and sold.

They pleaded that Zwelethu should pay the outstanding balance to the bank.

Speaking to Sunday World this week, Zwelethu confirmed that he was behind in his payments and added that the bank was also aiming for his R4.7-million mansion located in the leafy suburb of Sandown in Sandton.

He said he bought the property a few months after purchasing the two road monsters and that he paid a R1-million deposit for the house.

“I’m currently paying an amount of R35000 towards the bond of the house,” he said.

Sisulu accused the bank of “institutional bullying”, claiming that it allowed him to buy the cars and house without a credit application process because they had a special relationship with him.

“I just made a call to them and said I want to buy things and they just approved on the spot because they knew about the money in the estate,” he said.

Sisulu told Sunday World he has been having a run-in with the bank for more than two years after they stopped his monthly inheritance payout which he was using to pay his debt.

“They unilaterally took the decision to stop our payments without consulting with us but yet expect me to pay for the cars.

“It’s been five years since my father passed on but they have not wound up the estate and nobody has received their inheritance.

“My income has stopped, but my obligations have not stopped. So what money will I use to pay for the properties?”

He said he was going to fight against the bank in court.

“They have been sending me letters … saying that I owe them R450000 but when I say I want to settle, they changed and said I must just pay R1-million,” he said.

“I am aware of the pending court action against me by the bank and have every intention to defend this action.

“You will appreciate that since we are currently in the process of preparing our comprehensive legal response, I am only in a position to clarify my side of this sad saga to ensure that I am not further prejudiced by inaccurate coverage.

“It has been five years since Standard Bank was assigned the responsibility to wind up my late father’s estate and to date the bank has failed to bring finality to this process.” he said, referring to an inheritance he is set to receive from his father’s estate.

More details to come later…

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Written by How South Africa

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