Tsotsi actress Terry Pheto loses her Joburg home she built from stolen money
Actress Terry Pheto’s Joburg house, worth approximately R5 million, is set to be auctioned off on Thursday after being accused of diverting funds looted from the National Lottery Commission (NLC).
The Asset Forfeiture Unit (AFU) and the Special Investigating Unit (SIU) received a preservation order from the High Court of South Africa, Gauteng Division, Pretoria on November 4, 2022, to freeze the Bryanston property.
The investigations carried out by the SIU revealed that the money used to purchase the land and construct the house came from non-profit organisations that had received NLC funding intended for the roll-out of a public campaign and culturally sensitive medical intervention projects aimed at achieving traditional circumcision practice.
Pheto, who is an award-winning actress, has previously denied any fraudulent involvement with the lotteries commission. In a statement, she said that she had no prior knowledge of an application to obtain a preservation order against her and that she would cooperate fully, openly, and transparently with the investigation.
The auctioning of her house is a continuation of the implementation of the SIU investigation outcomes and consequence management to recover assets and financial losses suffered by State institutions and/or to prevent further losses.
The High Court in Pretoria granted the National Prosecuting Authority’s AFU a preservation order in November to seize nine luxury houses, cars, and two Ocean Basket franchises owned by individuals linked to financial mismanagement and corruption at the National Lotteries Commission.
The individuals implicated included Pheto, lawyer Lesley Ramulifho, Collin Mukondeleli Tshisimba, Fulufhelo Promise Kharivhe, AO Residence Trust represented by Mashudu Shandukani, Rasemate Family Trust represented by Rebotile Malomane, Mojakgomo Family Trust represented Thabang Charlotte Mampane (ex-lotteries boss), Unbrand properties represented by Sthembiso Jim Skosana, and Just Cuban Trust represented by Botshelo Cornelius Moloto.
According to the State entity, the SIU was authorised by President Cyril Ramaphosa, in terms of Proclamation R32 of 2020, to investigate allegations of corruption and maladministration in the affairs of the NLC and the conduct of NLC officials, and to recover any financial losses suffered by the State or NLC. The investigations carried out by the SIU have revealed that several individuals, including Pheto, were involved in fraudulent activities related to the NLC.
The auction of Pheto’s house is a significant step in recovering assets and financial losses suffered by State institutions and preventing further losses. It also sends a strong message to individuals involved in fraudulent activities that they will be held accountable for their actions. The investigations carried out by the SIU have revealed widespread corruption and maladministration in the affairs of the NLC, and it is crucial that those responsible are held accountable for their actions.
The auctioning of Pheto’s house is a continuation of the SIU investigation outcomes and consequence management to recover assets and financial losses suffered by State institutions and prevent further losses.
The investigations carried out by the SIU have revealed widespread corruption and maladministration in the affairs of the NLC, and it is crucial that those responsible are held accountable for their actions. The auction of Pheto’s house is a significant step in recovering assets and financial losses suffered by State institutions and preventing further losses. Image Source: Google
10 Common Reasons Why Houses End Up on Auction
Home auctions can be a nerve-wracking experience for homeowners, as it can be a result of financial hardship or unexpected events. An auction is a process where a property is sold to the highest bidder, and it can happen for various reasons. Here are ten common reasons why houses end up on auction.
- Foreclosure: When homeowners are unable to pay their mortgage, their lender may foreclose on the property and sell it at auction to recover the debt.
- Delinquent Property Taxes: If homeowners fail to pay their property taxes, their local government can place a lien on the property, which can result in an auction.
- Bankruptcy: Filing for bankruptcy can halt foreclosure proceedings, but it may also require homeowners to sell their property to pay off debts.
- Divorce: When couples get divorced, the division of assets can result in the sale of the marital home at auction.
- Job Loss: Losing a job can make it challenging for homeowners to keep up with their mortgage payments, leading to a foreclosure and auction.
- Relocation: Homeowners may need to move for a new job or personal reasons, and if they can’t sell their property in time, they may have to sell at auction.
- Medical Bills: Unexpected medical bills can be a significant financial burden, leading to foreclosure and auction in extreme cases.
- Property Damage: Major property damage, such as from a natural disaster, may make it difficult for homeowners to make repairs and pay their mortgage.
- Code Violations: If homeowners fail to comply with local building codes, they may face fines and penalties that could lead to an auction.
- Bad Investments: Some homeowners may purchase a property with the intent to flip it, but if the investment doesn’t pan out, they may have to sell at auction to recoup their losses.
There are various reasons why a home may end up on auction. While it can be a challenging and stressful experience for homeowners, understanding the reasons behind it can help them avoid foreclosure and take steps to prevent it from happening in the future.