Cape Town – President Cyril Ramaphosa’s eldest son, Andile Ramaphosa, may lose his car and home after reportedly failing to honour a repayment agreement with Standard Bank.
According to Sunday World, Andile signed a medium-term loan agreement in which the bank advanced him R1.8 million. He agreed to repay the loan in R15 000 monthly installments over a 120-month period.
However, Andile did not keep his end of the bargain.
“In breach of the medium-term loan agreement, the respondent failed to make payment of the instalments due and as of 12 October 2021, the respondent was accordingly indebted to the applicant in the amount of R1 491 452.98,” the report quoted court papers.
Andile Ramaphosa faces being homeless after SA’s top bank circles him after he failed to up with his debt repayments. Details in the #SundayWorldZA tomorrow. pic.twitter.com/naXJASqZdT
— Sunday World (@SundayWorldZA) March 5, 2022
Andile also received a loan from the bank for his luxury BMW 650i worth nearly R1 million.
He signed a vehicle asset finance (VAF) agreement and agreed to pay more than R13 400 per month for 72 months. However, he also defaulted and was R86 000 in arrears, the report said.
South Africans reacted to the president’s son “being broke”.
Take a look at some of the Twitter reactions below:
The same way Andile Ramaphosa is treated for benefiting from Bosasa corruption, Natasha should also be subjected to the same treatment. Corruption can not and will never justified in anyway. Baleka Mbete and Natasha should all account to this.
— MAKUNGU (@MAKUNGU53) March 7, 2022
If you don’t know SA politics and Media by now, you might find yourself buying into this “ Andile Ramaphosa being broke” story. This story is meant to defocus us from asking why the Ramaphosas are not mentioned in State capture report. FOCUS
— ?SiyaB⭕️nga Mdluli® ?? (@ThingzzLaOnly) March 6, 2022
Don’t let the newspapers fool us, there’s no way Andile Ramaphosa could be drowning in debt while he’s the president’s son… They are trying to cover corruption.
— ?Mrs kylian Mbappé ✨? (@NtombiNtombaza2) March 6, 2022
Why would a billionaire not pay debts for his son??? The man doesn’t have anything, shame.???? pic.twitter.com/PVNu0qYSTO
— The Native (@lancearmstrongo) March 5, 2022
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Picture: Twitter/ @MamianeMike
Compiled by Sinothando Siyolo
