Super rich Solly Krok in trouble over loan

Johannesburg - One of South Africa’s wealthiest men, Solly Krok, is set to lose a 3 400m² property in Johannesburg after FirstRand Bank foreclosed following his failure to repay a R3m bank loan.

According to the Sunday Times , the skin-lightening and casino tycoon “refused” or “neglected” to pay back the loan and was eventually served with a writ of execution for the Observatory property, which will be sold on public auction to recoup the money.

Court papers state the debt was initially incurred as an overdraft by Krok.

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When asked for comment, Krok said: “All I know is I mishandled it ... I forgot about it”, he said before adding that he would try to resolve the matter as soon as possible.

Solly Krok, who along with his late twin brother Abe, made millions with their skin-lightening company before starting Gold Reef City. Since then the two were well known for snapping up high-end properties in South Africa and Australia.

When Abe died in 2013, his death spelt the end of a long, colourful and somewhat controversial business story, reported News24 at the time.

The origins of the family fortune was reportedly a modest, backstreet pharmacy in central Johannesburg where Abe and his twin Solly launched a highly-successful skin-lightening manufacturing business.

Sporting interests

The twin brothers expanded their business interests to found Gold Reef Resorts Limited, The Golden Horse Casino and Mykonos Casino.

Abe also became widely known for his sporting interests, particularly after his purchase of the Sundowns soccer club in the 1980s, from the insolvent estate of convicted fraudster Zola Mahobe.

Krok eventually sold control of the club to current president and mining billionaire Patrice Motsepe, but remained the honorary chairperson until his death.