Khumalo gets R1-billion forfeiture order
South African business tycoon and mining magnate, Mzi Khumalo has been served with a R1-billion order of forfeiture by the Reserve Bank for flouting South Africa's exchange control laws according to a report in City Press.
It says that finance minister, Pravin Gordhan has attached Khumalo's shares in more than a dozen companies, the football club Lamontville Golden Arrows, a Sandton property and his share in a R50-million Raytheon 390 Premier 1 private jet.
The order - believed to be one of the biggest issued by the Reserve Bank - was signed by the deputy-governor Lesetja Kganyao on 2 August.
Cash generated from the forfeiture will be paid into the National Revenue Fund. City Press says that Khumalo is "closing shop" in South Africa.