Roux Shabangu’s buildings auctioned for R66m

Bidding started at R65-million. Martin Phillip, head of Nedbank's corporate properties, submitted the winning R66-million bid.

Bidders packed the sheriff's office in Centurion on Wednesday morning for the auction.

All seats in the auction room were occupied and many potential bidders were standing at the back as an auctioneer read out a lengthy list of terms and conditions.

According to media reports, Shabangu (39) had failed to keep up payments on the R320-million bond Nedbank granted him in January 2011.

Shabangu put the value of the building at R850-million. He bought it for R220-million and registered it in his company's name, Roux Property Fund, in January 2011.

Being sold in execution
The controversial businessperson entered into a 10-year lease with the public works department on the police's behalf in May 2010.

Public protector Thuli Madonsela found that former police commissioner Bheki Cele had unlawfully entered into negotiations for the lease for the building, and for another building in Durban, with Roux Property Fund.

President Jacob Zuma fired Cele from his post in June 2012.

According to the Sunday Independent, the Sanlam Middestad building had been empty ever since the lease was cancelled.

Nedbank's Tabby Tsengiwe confirmed the building was being sold in execution of a high court judgment. – Sapa

Subscribe to the M&G

These are unprecedented times, and the role of media to tell and record the story of South Africa as it develops is more important than ever.

The Mail & Guardian is a proud news publisher with roots stretching back 35 years, and we’ve survived right from day one thanks to the support of readers who value fiercely independent journalism that is beholden to no-one. To help us continue for another 35 future years with the same proud values, please consider taking out a subscription.

Guest Author

Related stories

Land Bank sues ANC bigwigs

The Land Bank is trying to recoup an R82m loan from government officials and property mogul Roux Shabangu for a bungled development in the North West.

Property mogul Roux Shabangu in BEE fronting case

The public works department claims businessperson Roux Shabangu fraudulently used his empowerment credentials for a R137-million lease deal.

Court orders Roux Shabangu to keep his distance

A former business partner of Roux Shabangu has obtained a court order preventing the property tycoon from threatening, assaulting or contacting him.

Cele inquiry told to consider Cabinet’s views

Cabinet's view on embattled police chief Bheki Cele's conduct should be taken into account, the inquiry into his fitness to hold office has heard.

Cele inquiry: Hlela acted on own assumptions

Former deputy police chief and procurement head Hamilton Hlela made several assumptions which he acted on without consultation, the inquiry heard.

Property mogul refuses to testify in Cele inquiry

Controversial property mogul Roux Shabangu has refused to testify before the board of inquiry investigating misconduct allegations against Bheki Cele.

Subscribers only

Q&A Sessions: Frank Chikane on the rainbow where colours never...

Reverend Frank Chikane has just completed six years as the chairperson of the Kagiso Trust. He speaks about corruption, his children’s views and how churches can be mobilised

ANC: ‘We’re operating under conditions of anarchy’

In its latest policy documents, the ANC is self-critical and wants ‘consequence management’, yet it’s letting its members off the hook again

More top stories

War of words at Zondo commission: ‘Grow up Mr Gordhan,...

The cross-examination of the public enterprises minister by Tom Moyane’s lawyers at the state capture inquiry went on well into overtime on Monday evening

‘Where the governments see statistics, I see the faces of...

Yvette Raphael describes herself as a ‘professional protester, sjambok feminist and hater of trash’. Government officials would likely refer to her as ‘a rebel’. She’s fought for equality her entire life, she says. And she’s scared of no one

Covid-19 stems ‘white’ gold rush

The pandemic hit abalone farmers fast and hard. Prices have dropped and backers appear to be losing their appetite for investing in the delicacy

Al-Shabab’s terror in Mozambique

Amid reports of brutal, indiscriminate slaughter, civilians bear the brunt as villages are abandoned and the number of refugees nears half a million

press releases

Loading latest Press Releases…