KEY POINTS
- Judicial authorities at the Supreme Court of Appeal decided Mulaudzi would recover his assets because they rejected attempts to maintain the freeze status.
- Through his legal pursuit the State faces a malicious prosecution case for which Mulaudzi claims losses totalling R184 billion.
- The State Intelligence Agency’s investigation of this matter might lead to an understanding of why the asset freeze continued as long as it did.
After the Supreme Court of Appeal denied to continue restraining his assets Businessman Tuwani Mathews Mulaudzi moves one stage closer to retrieving his frozen assets.
The Special Investigative Unit (SIU) plans to examine the case because Mulaudzi received acquittal on fraud theft and money laundering charges during 2022.
Freedom through exoneration did not lead to the release of his R105 million cash assets because they continue to remain frozen.
Court ruling and asset dispute
Since obtaining his acquittal Mulaudzi the executive chairperson of Luvhomba Group has attempted multiple times to recover his assets.
His legal issues officially commenced in 2014 after Old Mutual charged him with diverting R48 million from his investment to Nedbank without permission.
Mulaudzi defended himself against the Assets Forfeiture Unit (AFU) and National Prosecuting Authority (NPA) claim that he accepted R37.6 million but he denied any wrongdoing.
The SCA issued a decision that denied creditors, liquidators, and trustees their attempt to keep assets frozen from Mulaudzi.
The application filed by his supporters to appeal had no potential for success which was why Judge NS Mkhusile rejected it with court expenses.
The SCA judgment now allows Mulaudzi to recover what he considers rightfully belongs to him.
Mulaudzi plans legal action against the state
After winning his case Mulaudzi plans to sue the State for wrongful prosecution since the monetary assessment shows his financial loss becomes R184 billion.
The audit document shows Luvhomba Group’s electronics division and coal mining operation suffered loss because of the situation.
Mulaudzi showed great satisfaction about the ruling because it demonstrated a strong anti-corruption stance. “Justice is finally being served.
According to Mulaudzi these individuals have maintained control of his assets since forever while using taxpayer funds for illegitimate lawsuits without showing any responsibility.
The SIU’s legal team has started to evaluate Mulaudzi’s situation to determine the reason behind holding his assets even after his proven innocence. The AFU and NPA did not provide any statements regarding the matter while this article was under development.
