Home Breaking News Flashy businessman Hamilton Ndlovu ‘banned from selling his vehicles’

Flashy businessman Hamilton Ndlovu ‘banned from selling his vehicles’

Flashy businessman Hamilton Ndlovu ‘banned from selling his vehicles’

A division of the Particular Investigating Unit (SIU) has slapped an asset gross sales ban on Hamilton Ndlovu, the smug businessman who caught the explore of SARS – after he famously flaunted his wealth on Instagram.

Who is Hamilton Ndlovu?

The repeat, handed down earlier this week, ‘prohibits and restrains’ the disgraced multi-millionaire from selling on his properties, his money assets, and any of the vehicles he modified into so joyful to brag about before the taxman obtained eager:

Early Newspaper

“The Particular Tribunal has granted a preservation repeat interdicting, restraining, and prohibiting businessman Thabiso Hamilton Ndlovu from taking away his assets, money properties, and properties pending the institution of the overview lawsuits to be instituted by the SIU the Nationwide Well being Laboratory Service (NHLS).”

Unpaid tax bill stings Hamilton Ndlovu

One amongst Hamilton Ndlovu’s most notorious deals came in 2020, after he secured a procurement settlement with the Nationwide Well being Laboratory Services (NHLS). Several companies in his name additionally obtained payments, with almost R50 million clearing in varied monetary institution accounts. On the other hand, the magnate’s VAT streams possess been now not based mostly on this mega windfall – and SARS came down on him address a ton of bricks.

The ostentatious millionaire introduced about a scene on social media, as he uploaded photos of a fleet of luxury vehicles bought at ‘in terms of the the same time’. Their estimated value totalled R10 million, and dread bells starting up ringing. Finally, our tax-timid friend caught himself out by importing videos of his dear assortment online.

SIU block gross sales of assets price millions

His estimated renowned tax bill stood at R36 million earlier this 365 days. And if Hamilton Ndlovu thought he might perhaps perhaps perhaps elevate the money with a flash sale of his assets, the bloke now stands corrected. The SIU’s Particular Tribunal additional clarified:

Projects, 2nd and fourth respondents, respectively, are restrained, interdicted and prohibited from transferring any of the properties; and / or encumbering the property with a mortgage bond; and / or allowing the retention to be established over the property; and / or selling

— Particular Tribunal South Africa (@TribunalSpecial) September 8, 2021

Flashy businessman Hamilton Ndlovu ‘banned from selling his vehicles’