News / Africa

Malema to oppose bankruptcy application

by Sapa
01 Feb 2013 at 07:01hrs | 3697 Views
Johannesburg - Expelled ANC Youth League president leader Julius Malema will oppose an SA Revenue Services (Sars) application for his sequestration, his lawyer said on Friday.

"I can confirm that we have been instructed to oppose the application," said Nicqui Galaktiou.

According to papers filed in the South Gauteng High Court in Pretoria this week, Malema owes Sars R16m and is "factually insolvent and in no position to make payment of his indebtedness to Sars".

Sars reportedly said in the paper that discrepancies in Malema's representation of his net assets were not conducive to concluding that he had made a full and frank disclosure, and supported its contention that "it would be to the benefit of Malema's creditors to sequestrate his estate".

If the application succeeded, all Malema's properties - including his house in Sandton, and his house, smallholding and farm in Limpopo - would be placed under curatorship and auctioned to cover his debts.

The hearing is scheduled for February 27. 

Source - Malema,Bankruptcy
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