Carl Lakay, 45, was shot and killed on Sunday evening in his driveway in Goodwood.
Police say he was found with multiple gunshot wounds just after 8.30pm in Paarl Street.
A source close to the investigation tells the Daily Voice Lakay might have been busy with “side dealings”.
“He was shot five times. He sustained two gunshot wounds to his head and three to his chest. I think he was doing some private deals and that could have gotten him killed,” the source explained.
According to police, Lakay was sitting inside his car.
The source says the killer may have been known to him.
Police spokesperson, Captain FC van Wyk, confirms the incident and says no arrests have been made.
Lakay, along with businessman Nafiz Modack and Colin Booysen, the brother of alleged Sexy Boys leader Jerome “Donkie” Booysen, as well as Ashley Fields, 44, and Jacques Cronjé, 47, faced six charges, including money laundering and extortion, linked to the Cape Town nightclub security industry.
They are also charged with rendering a security service while not registered as a service provider.
In addition, Lakay was charged with the acquisition, possession or use of the proceeds of unlawful activities.
Modack faces additional charges of the prohibited inception of communication and attempting to defeat the ends of justice.
Lakay is believed to have been a key man in the Cape Town night club and security underworld.
He and his co-accused appeared in the Cape Town Regional Court last week where lawyers said they feared for their clients’ lives following an assassination attempt on Jerome Booysen.
"Donkie" was shot in the arm two weeks ago while having lunch in the Soneike Mall in Kuils River.
According to his lawyer, Bruce Hendricks, "Donkie" returned fire and shot and killed one of his two shooters.
He said his client would not be prosecuted but would make a police statement.
Hendricks, who is also representing Colin, told the court the man shot dead at Soneike followed Colin to Woodstock two weeks ago and was at court when he appeared that week.
Modack’s lawyer, Advocate Edwin Grobler, claimed they had evidence that investigating officer Colonel Charl Kinnear was “leaking” information about his client’s whereabouts.
“Private individuals, even in Johannesburg, know his whereabouts and this is a concern,” he said.
Hendricks told the Daily Voice yesterday their “worst fear” has come true.
“This is exactly what we addressed the court on and the learned magistrate shared the sentiments. Carl Lakay was a good man and a family man. No one deserves this, especially not someone like him.”