Pretoria - Rugby legend Naas Botha’s estate was provisionally sequestrated by the high court in Pretoria on Thursday, after a bank claimed he owed it more than R1.1 million on a mortgage bond for a property in Mooikloof, east of the city.
Hendrik Egnatius Botha, popularly known as Naas, was not at court, nor did he oppose the provisional sequestration application, although the papers were served on him by the sheriff. He also didn't place an affidavit before court setting out his possible defence.
Judge Peter Mabuse gave the retired Springbok fly-half until June 15 to oppose the application and give reasons as to why he should not be finally sequestrated.
Botha, a four-time rugby player of the year winner, has been involved in a six-year financial battle with Nedbank.
In December 2009, the bank turned to the court for the first time to demand that Botha and his wife Karen pay the money they owed in terms of the mortgage. His wife had obtained a bond from Nedbank in January 2006 to buy the property, and Botha signed surety. As the couple defended the bank’s action, Nedbank decided to settle after the Bothas undertook to make certain payments.
Dana van Zyl, a legal adviser for Nedbank, said in papers before the court that shortly after the settlement, Karen sold the property for an amount that was insufficient to repay the full amount of the loan.
The couple also failed to make regular monthly instalments to the bank as agreed. At that time, the couple owed the bank R1 357 474 and were due to pay back R17 000 a month over seven years. A new agreement was signed, in terms of which Nedbank agreed to reduce the monthly instalments to R8 500.
Van Zyl said the couple once again fell in arrears and a third agreement was entered into last year. By then the amount owed was about R1.1m. Van Zyl said the couple failed to pay the debt in March, June and July last year. The bank withdrew the agreement.
Last August, the court ordered the couple to pay the more than R1.1m, and a month later an order was issued that their movable property could be sold on execution to recover the money. The sheriff went to the couple’s Lynnwood Park home to serve the warrant of execution. The sheriff said he gave the notice to Naas, who said he had no money or disposable assets.
Van Zyl said it would be to the advantage of the creditors if the estate could be sequestrated and a trustee appointed to investigate Naas’s financial affairs. He questioned Naas’s reported lack of funds and said he was a well-known TV presenter, and represented the Springboks as fly-half from 1980 to 1992.
He also said Naas was in the past or still a director of 42 corporate entities.
Van Zyl said that in September 2011, Naas issued the bank with a statement reflecting that his assets were valued at R16.4m.
Nedbank said it had no knowledge of his income, assets and whether Karen was gainfully employed. It said a trustee should investigate these issues.
Karen was earlier also declared insolvent by the court, after she could not repay the property debt to Nedbank.