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This from iol.co.za:
Pretoria – Rugby legend Naas Botha’s estate was provisionally sequestrated by the high court in Pretoria on Thursday, after a bank claimed he owed it more than R1.1 million on a mortgage bond for a property in Mooikloof, east of the city.
Hendrik Egnatius Botha – popularly known as Naas – was not at court, nor did he oppose the provisional sequestration application, although the papers were served on him by the sheriff.
He also did not submit an affidavit to the court setting out his possible defence.
Judge Peter Mabuse gave the retired Springbok fly-half until June 15, to oppose the application and give reasons as to why he should not be finally sequestrated.
Botha, a four-time Rugby Player of the Year winner, has been involved in a six-year financial battle with Nedbank.
In December 2009, the bank turned to court for the first time to demand that Botha and his wife, Karen, pay back the money they owed in terms of the mortgage.
His wife had obtained a bond from Nedbank in January 2006 to buy the property, and Botha signed surety for it.
As the couple defended the bank’s action, Nedbank decided to settle after the Bothas undertook to make certain payments.
Dana van Zyl, a legal adviser for Nedbank, said in court documents, that shortly after the settlement, Karen sold the property for an amount which was not enough to repay the full loan amount.
Full story here:
http://www.iol.co.za/news/crime-courts/naas-botha-faces-bankruptcy-2018139
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