Bobby Motaung and his associates are reported to owe the taxman R90 million. The staggering amount is from unpaid taxes extending back to 2016.
Liquidators Herman Bester and Amanda Khanyisa Bikani stated that they issued Nthwese Investment Holding Consortium to pay SARS R97 million. Only R7 million has been paid.
The directors of the company included Bobby Motaung, Herbet Theledi, Reitumetse Huntley and Job Sikhosana. The mandate of the company was to acquire shares in companies that were doing well.
The company was disbanded back in 2007, earning a capital gain of a staggering R183 million.
The reports emanated from Sunday World.
“The liquidators said that Motaung and his partners established Nthwese Investment Holding Consortium several years ago with the purpose of acquiring shares in various entities.” The article reads.
“They said Nthwese obtained shares but sold them on November 14, 2007, and the capital gain on their sale was over R183-million.
“After payment of diverse creditors and dividends to shareholders, over R3-million was retained as provision for taxation, according to the company’s financial statements. But this amount, according to the liquidators, was not paid to SARS.
“September 16, 2010, said the liquidators, the company directors and shareholders entered into “dividend agreement” in which they agreed to distribute over R78-million in dividends to the shareholders except to BLI-HDI Employees Trust.”
This is not the first time that the controversial Kaizer Chiefs manager is at odds with the law of South Africa. Bobby Motaung Accused of Owing SARS R90 Million in Unpaid Tax!