The buyer was Norman Tloubatla, CEO of the company Magnified Designs. He left in a hurry, in a white Porsche, after clinching the purchase. He refused to speak to reporters.

Johannesburg - Norman Tloubatla, the businessman who tried to buy EFF leader Julius Malema’s unfinished Sandton mansion, is under fire from one of the country’s largest banks for failing to pay up for a R1.4-million Porsche Cayenne.

Nedbank says Tloubatla owes it more than R416 000 in unpaid instalments, plus 15 percent annual interest from November 2011, which could be up to about R188 000.

As a result of Tloubatla’s failure to settle his debt, Nedbank will auction off goods he used in his businesses including a hydraulic press, unit decoding machine, forklift and fax-copy machine, to recover the money.

Tloubatla is the chief executive of Magnified Designs and also owns Lethlabile Civils.

The auction will be held at Magnified Designs’ premises in Roodepoort, Joburg, in two weeks’ time.

In papers filed at the South Gauteng High Court, Nedbank says Tloubatla bought the second-hand Porsche Cayenne S Tiptronic in 2007 in Randburg, north of Joburg.

The Fourways, Joburg-based businessman, who turns 45 in December, agreed to pay more than R18 000 in monthly instalments over five years, but defaulted by not making “due and punctual monthly payments” in 2011, according to Nedbank.

In court papers, Nedbank also claims Tloubatla had not “surrendered the goods” (the Porsche Cayenne) to it at the time it instituted legal proceedings against him in January 2012.

“Despite due demand, the defendant (Tloubatla) failed, refused and/or neglected to pay the aforesaid amount together with interest,” the bank says.

Tloubatla initially put down a R110 000 deposit and was charged more than R440 000 in interest, taking the total purchase to more than R1.4m.

The value of the vehicle was R960 000.

However, by December 2011 Nedbank’s lawyers, DRSM Attorneys, had sent Tloubatla a letter of demand for the R416 000, plus 15 percent interest, he owed by the end of November that year.

Nedbank twice tried to find Tloubatla at his registered address in Fourways in February 2012, but found his automatic gate locked and left a note on both days.

Tloubatla shot into prominence when he successfully bid R5.9m for Malema’s half-built Sandown mansion, but could not raise the money four months later.

Malema had bought the property for R3.6m, but later demolished it to build his own mansion complete with an underground bunker.

The SA Revenue Service was forced to cancel the bid for the property and the house went on sale again later last year.

The property was valued at R7.1m and on the day of the auction Tloubatla paid a 10 percent deposit of R590 000 and had another 30 days to come up with the remaining R5.3m.

He forfeited his deposit after failing to settle his debt, despite offering R50 000 more than the next highest bidder.

Shortly after buying Malema’s house at 25 Silvela Road, Sandown Extension 36, Tloubatla denied knowing the ex-ANC Youth League leader and his former business associate, Lesiba Gwangwa.

Tloubatla, through his lawyers at the time, denied his company, Magnified Designs, had been involved in any road projects in Limpopo.

He is also listed as a director of several companies including High Voltage Protection Systems, Georgia Avenue Investments 36, Zevoli Auctioneers and Norsilo Project Managers.

Nedbank’s lawyers did not respond to requests for comment.

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Sunday Independent