Creditor in court bid to attach Bobby's Kaizer Chiefs shares

Motaung accused of failing to settle 14-year debt despite his lavish lifestyle

- By Ngwako Malatji

A Joburg company is moving to sequestrate the estate of financially embattled Kaizer Chiefs team manager Bobby Motaung and also attach for the second time his shares at Amakhosi for failing to pay it more than R4.5-million.

Pent Up Investment cc has filed papers in the Johannesburg High Court in which it seeks an order to sequestrate Motaung's estate in the Master of the High Court in Joburg.

In his founding affidavit, Pent Up Investment boss Costas Couremetis, sates that the company, represented at the time by his son, Christopher, who has since passed away in October 2010, concluded a sale agreement for Motaung to purchase a commercial property in Mondeor, southern Joburg for R9-million.

The complex, which is located next to Gold Reef City, comprises a commercial building and a petrol station, and was supposed to be registered under Motaung's incorporation called Lakeshore Trading 224. At the time, said Couremetis, his son was a sole director of Pent Up Investment and Motaung was the sole director of Lakeshore Trading.

He said Motaung failed to pay the full amount for the property after concluding the sale agreement.

"Pursuant to a failure by Lakeshore to make payment of the purchase price for the property in full, the applicant instituted proceedings in the above honourable court and obtained judgment on or about November 12, 2009 in a sum exceeding R9-million, plus interest and legal costs," he stated in the papers.