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Bank takes Mandela grandson to court

Aug 23 2013 11:27


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Last traded 120
Change 4
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Cumulative volume 802758
Market cap 0

Last Updated: 25-11-2015 at 05:00. Prices are delayed by 15 minutes. Source: McGregor BFA

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Johannesburg - Investec [JSE:INL] has taken former president Nelson Mandela's grandson Zondwa Mandela to court after he allegedly failed to pay instalments on a car loan and credit card account, The Times reported on Friday.

The bank instituted proceedings against Mandela in June 2011 and in October that year obtained a court order for the return of the black Mercedes S320 CDI, and all credit cards it had issued to him.

Papers filed in the Johannesburg High Court said Mandela stopped paying the monthly instalment of R14 618 for the R700 000 car loan and nearly R20 000 on his credit card account.

The bank was demanding payment of R448 247 for the car at a daily interest rate of 8.25% from May.

The case was in court on Wednesday, but was postponed to give Mandela time to file answering affidavits, which were overdue, the newspaper reported.

investec  |  zondwa mandela  |  financial services


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