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March 30th, 2014 by


175f76dce6504a3db8abd38b0b54d120 - Land Bank Sues ANC Heavyweights Johannesburg – The state-owned Land Bank has brought a claim against several ANC heavyweights, high-ranking government officials and property mogul Roux Shabangu, The Sunday Independent reports. This was in a bid to recoup an unauthorised R82m loan it granted them for a bungled North West development. The development was proposed as a huge tourism attraction in the Hartbeespoort area, with a hotel, conference centre, shopping centre and more than 400 sectional title units, the paper said.

But eight years after Westside Trading 570 signed the contract, the land was still vacant and had not been sold, the company was in liquidation, and the Land Bank was demanding its multi-million rand loan back with interest. According to papers filed in the North Gauteng High Court in Pretoria, Westside Trading had failed to make payment of the R82m by the end of April 2009. Summons was issued against the company and its nine directors, who stood surety and were co-principal debtors. Shabangu, Gauteng legislature speaker Lindiwe Maseko, department of co-operative governance and traditional affairs chief operations officer Lydia Sebego, and former SABC board member Desmond Golding are among the nine shareholders in the company, the paper reported. Golding sits on the ANC’s economic transformation committee and Cosatu’s panel of progressive economists. – SAPA

This article was first published on News24: http://www.news24.com/SouthAfrica/Politics/Land-Bank-sues-ANC-heavyweights-20140330