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Commercial Law news

SARS applies for Malema's sequestration

31 Jan 2013 13:24
The SA Revenue Service (SARS) filed papers in the High Court in Pretoria to have expelled African National Congress Youth League president Julius Malema sequestrated, it was reported on Thursday (31 January).
City Press reported on its website that, according to court papers, Malema owes SARS R16m and is "factually insolvent and in no position to make payment of his indebtedness to the reveune service".

Malema and his lawyers would decide whether to oppose the application.

If the application succeeded or was unopposed, all Malema's properties, including his house in Sandton and his house, smallholding and farm in Limpopo, would be placed under curatorship and auctioned to cover his debts.

City Press reported that, according to the court documents, SARS had rejected an offer by Malema to borrow R4m to settle his outstanding taxes until 2011, because of inconsistencies in his representations.

In its papers, SARS reportedly stated that discrepancies in Malema's representation of his net assets were not conducive to concluding that he had made a full and frank disclosure and supported its contention that "it would be to the benefit of Malema's creditors to sequestrate his estate".

Malema has until 18 February to notify SARS whether he intends opposing the application, City Press reported.

The High Court hearing is set down for 27 February.

Source: Sapa via I-Net Bridge


SOURCE

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