Roux Shabangu fears repaying R82m Land Bank loan may bankrupt him | The Star

Johannesburg - Tycoon Roux Shabangu has expressed fear he could be bankrupted if he pays back a portion of the millions of rand that was irregularly lent to a liquidated company he co-owned.

The bank and Westside entered into a R100m deal for a project that eyed land in Hartbeespoort, North West. A township and tourist attractions were to be developed on this land. In an affidavit, Shabangu sought to convince the Constitutional Court to rule that the invalidity of the agreement also meant the suretyship that Westside's directors had signed was invalid.

“A deed of suretyship is accessory to the principal obligation. Where the principal obligation is invalid, I submit that the suretyship is also invalid,” he said.In her ruling, Judge Annali Basson said: “I should... point out that the fact that the loan agreement is invalid does not mean it necessarily follows that the deed of suretyship, being an ancillary agreement, is likewise invalid.”

TheStar_news Great he deserves it

TheStar_news I would JUST survive !! ☺️

TheStar_news Shem

TheStar_news The point of a loan is that you have to pay it back.🤨 Otherwise it would have been called a 'donation'.

TheStar_news So did he think he was not going to repay THE LOAN?

TheStar_news No tears for these people.

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