More of Motaung's financial skeletons pop out of closet

Chiefs boss failed to pay back a R600 000 loan

- By Ngwako Malatji

More financial skeletons of Kaizer Chiefs team manager Bobby Motaung continued to tumble out of the closet during court proceedings at the Johannesburg High Court this week.

It emerged that Motaung, who is drowning in a cesspool of debts, had failed to pay back a R600000 loan he obtained from the Nthwese Investment Consortium - the company he co-owned with business partner, Herbert Theledi.

Motaung's failure to pay led to the liquidation of his company, Lakeshore Trading, which owned a commercial complex in Mondeor, in the south of Johannesburg.

This development was revealed in the papers filed in court by lawyers of a Joburg entity, GRC Property, which bought Lakeshore Trading.

GRC had filed papers in court to rescind two liquidation orders obtained on two separate occasions by Nthwese and another Joburg entity, Pen Up Investment.

In the papers, which Sunday World has seen, GRC pleaded with the court to rescind the order, saying that it had reached a settlement agreement with the liquidators of Nthwese and Pent Up, who withdrew their intention to oppose the rescission application.