President Cyril Ramaphosa’s son, businessman Andile Ramaphosa, will soon lose his house over an unpaid debt.
President Cyril Ramaphosa’s Son Andile To Lose His House
Andile is facing financial difficulties, leading to the impending loss of his multi-million-rand property. Reports by Sunday World reveal that Ramaphosa Jr.’s mansion in Edenburg, Sandton, Johannesburg, will go on auction due to his failure to repay a R1.8 million loan from Standard Bank.
The Johannesburg High Court has granted Standard Bank an order declaring the property executable. According to court documents, Ramaphosa Jr. received a R1.8 million loan from the bank, with an agreement to repay R17,500 in monthly instalments over 120 months. Additionally, he obtained an extra R450,000 loan and a R10,000 credit card in August 2012.
Andile Ramaphosa reportedly defaulted on the loan repayments, accumulating over R217,000 in arrears. Furthermore, he is allegedly over R4,700 behind on his credit card payments. Standard Bank’s legal representative, advocate Sbusiso Radebe, confirmed the court orders, stating that the Johannesburg High Court heard both the loan and credit card matters separately and granted the orders.
“I can confirm that both matters (loan and credit card) were heard in separate courtrooms in the Joburg high court, and both orders were granted. You can contact the attorney of the bank for further comment.”
According to the bank’s papers, the municipal value of the property is just under R2.4 million, with a market value exceeding R1.9 million. The property also owes the City of Johannesburg over R56,000 in unpaid rates and taxes.
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Quick Profile
Andile Ramaphosa is President Ramaphosa’s first-born son from his first marriage, The South African reports. He is the managing director of Blue Crane Capital, a company that focuses on investments in Africa
He is married to Bridget Birungi, the daughter of former Ugandan Prime Minister Amama Mbabazi. Andile was embroiled in a controversy in 2018 when he admitted to receiving R2 million from Bosasa, a company accused of corruption and bribery. He later returned the money and apologised for the incident.