Top athletes await R1.1m payday after failed investment

Olympic silver medallist Akani Simbine, 400 metres world record holder Wayde van Niekerk, and their manager Peet van Zyl are waiting for nearly R1.1 million they are owed by a Johannesburg businesswoman and her company. Picture: Reg Caldecott

Olympic silver medallist Akani Simbine, 400 metres world record holder Wayde van Niekerk, and their manager Peet van Zyl are waiting for nearly R1.1 million they are owed by a Johannesburg businesswoman and her company. Picture: Reg Caldecott

Published Sep 8, 2024

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Olympic silver medallist Akani Simbine, 400 metres world record holder Wayde van Niekerk, and their manager Peet van Zyl are waiting for nearly R1.1 million they are owed by a Johannesburg businesswoman and her company.

The two Olympians and Van Zyl were demanding over R1.22m from Siziwe Khumalo and her company Nobantu Steel following their investment in the firm.

Khumalo signed an acknowledgement of debt in May 2022 when she undertook to pay more than R1.22m over several months.

The acknowledgement of debt stated that she would pay R63 000 by the end on May 2022, three equal instalments of R15 000, five equal and consecutive instalments of R20 000, a once-off final payment of R1m, as well as more than R17 000 in legal costs incurred by the three.

Nobantu Steel only paid R163 500 of its debt between May and December 2022 despite Khumalo signing the acknowledgement of debt.

At the South Gauteng High Court where Simbine, Van Niekerk and Van Zyl brought the matter to force Nobantu Steel and Khumalo to pay them, the businesswoman alleged that there was a dispute of fact in terms of the amount claimed.

Judge Thifhelimbilu Mudau last month ordered Nobantu Steel and Khumalo to pay almost R1.1m at 25.9% interest per annum from the date of failure to make the final payment within seven days.

”Failing which the second respondent (Khumalo) is compelled to transfer the shareholding held by her in the first respondent (Nobantu Steel) to the applicants (Simbine, Van Niekerk and Van Zyl), to perfect the pledge and cession of shares granted by the second respondent to the applicants,” reads the judgment handed down on August 21.

Nobantu Steel has also been compelled to deliver its book debts to Simbine, Van Niekerk and Van Zyl to perfect the pledge and cession of the debt book the company granted the two athletes and their manager.

In terms of the acknowledgement of debt, Simbine, Van Niekerk and Van Zyl were entitled to exercise their security including Khumalo’s shareholding in the company or a portion deemed equivalent to the value they were owed.

Judge Mudau found that Khumalo bound herself as surety and co-principal debtor in solidum with Nobantu Steel and in favour of Simbine, Van Zyl and Van Niekerk for all and any obligations contained in the acknowledgement of debt and also waived the benefits of excussion and division.

Simbine, Van Zyl and Van Niekerk’s legal representatives sent Nobantu Steel and Khumalo a notice of breach of the acknowledgement of debt in October last year, giving them 14 days to remedy the breach.

However, after the lapsing of 14 days, Nobantu Steel and Khumalo failed to pay.

Judge Mudau also found that Nobantu Steel and Khumalo failed to meet the threshold when they disputed the amount being claimed by Simbine, Van Zyl and Van Niekerk.

”It is trite that a real, genuine and bona fide dispute can only exist where the court is satisfied that the party who purports to raise the dispute has seriously and unambiguously addressed the facts said to be disputed in his or her affidavit,” the judge explained.

He said Nobantu Steel and Khumalo’s bold or uncreditworthy denials raised fictitious disputes of facts and were clearly untenable.

Simbine won a silver medal in the 4X100 metres relay along with Shaun Maswanganyi, Bradley Nkoana and Bayanda Walaza at last month’s Olympics in Paris, while Van Niekerk holds the world record in the 400 metres set at the 2016 Olympics in Rio de Janeiro.

Sunday Independent

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