Former Orlando Pirates striker Mpho Makola is on the cusp of losing his R1.5-million house in Joburg after failing to pay back the loan he obtained from SB Guarantee Company.
The heartbreaking news came to the fore when SB Guarantee Company filed papers at the Joburg High Court this week in which it is seeking a default judgment and an order to attach and sell Makola‘s posh crib in Buccleuch, north of Joburg.
The company, which is a subsidiary of Standard Bank, has given Makola 10 days to indicate if he will oppose the application of the order.
In the court papers we have seen, SB Guarantee Company says it had advanced a loan of over R1.3-million to Makola on September 27 2016 and the soccer star used his house as surety to repay the loan with interest.
The company also advanced a loan of R280 000 to the former Free State Stars footie on April 6 2018 as a home loan. This ballooned his debt to more than R1.6-million.
“The applicant relies on monies lent and advanced by the applicant to the respondent and a mortgage bond registered as continuing covering security for the monies actually lent and advanced by the applicant to the respondent.
“The respondent also executed a written indemnity agreement in favour of the applicant. Pursuant to the bank and respondent concluding a home loan agreement and the respondent executing the indemnity, the applicant furnished the bank with a written guarantee, in terms of which the applicant guaranteed the due and punctual payment of all sums which were then, and which may be subsequently become due by the defendant to the bank, pursuant to the loan agreement,” read the papers.
