The two shopping malls developed by the controversial Theodosiou brothers, due to have been auctioned on 30 March (nose138) were sold for an undisclosed sum before the auction took place – to Mark Corbett’s Century Property Development. It was what the trade calls “a structured deal” with the bank. All that a company spokesman will say is: “The price is confidential. We did a deal with Absa just before it went to auction”.
(The “structure” will no doubt have been so designed that the loss will not (immediately) appear on Absa’s balance sheet, but will, instead, appear as an “asset”, probably in the form of shares or a fresh loan. It’s called papering over the cracks. – Ed.)
Another banker’s sadness with another once-favoured Sandton property developer – yes, we are speaking of Investec and their close, close friend Zunaid Moti and his Abalengani group – was similarly papered over late last year. That “structured” arrangement left Investec effectively in control of Abalengani’s properties, and Moti with – it is said – R100 million in change, his black Ferrari and (would you believe it!)his intercontinental business jet: a Bombadier CL-600-2B16 (CL-601-3A) with registration ZS-SGC.
The plane, acquired in heady 2008, is held in the name of Abalengani Aviation (Pty) Ltd, and was saved as a Moti lifestyle necessity thanks to the intervention of his extremely wealthy, extremely good friends, the Mias of Midrand.
Directors of Abalengani Aviation, at the time the Bombadier was acquired, were Salim Ahmed Bobat and Zunaid Abbas Moti. They were joined on the board, for obvious reasons, by Mohamed Reza Mia, Sayed Hoosen Mia and Zaakir Hoosein Mia in August last year.
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