BougaLuv swims in sea of debt

21 Feb, 2020 - 00:02 0 Views
BougaLuv swims in sea of debt

B-Metro

Legendary kwaito star and Awuna mali hitmaker Kabelo Mabalane seems to be running out of cash.

The former TKZee member has been dragged to the Joburg High Court for his alleged failure to pay more than R1-million — a personal loan he took from BlueChip Retail Solutions last year.

In the court papers which are in our possession, BlueChip Retail Solutions said it loaned over R1-million to Mabalane’s company MoveLiveBecome on June 24 last year.

BougaLuv, as Mabalane is popularly known in the music industry, signed an agreement of debt with the company and promised to pay back the loan with interest. 

The papers do not state in how many instalments Mabalane — who is married to top model and actress Gail Mabalane (nee Nkoana) was supposed to pay back the loan.

Mabalane, according to the papers, only paid at least R250 000 into the account of the company but failed to settle the remaining amount.

The company’s lawyers, Hurwitz & Associates, wrote a letter to the Zonke hitmaker on August 1 last year, demanding that he settled the outstanding balance.

The letter, which is also in our possession, reads in part: “In the premise you have failed or alternatively neglected to adhere to the terms and conditions of the agreement, we hereby place you in mora and demand payment of the outstanding amount together with interest calculated at the prescribed rate as of the date of receipt hereof up to and including date of payment.

Our client notes receipt of payment in the amount of about R250 000. It is noteworthy that the balance remaining amounts to R1 080 295,92.”

The company lawyers took the matter to court after Mabalane ignored the letter. The matter was supposed to have been heard on January 13 but was removed from the roll apparently after the musician entered into new payment arrangements with the company.

Darryl Hurwitz said he was not at liberty to discuss the matter with the media but said the total balance was not settled yet.

Mabalane said he was surprised the company took him to court because he was servicing the loan.

“The loan they gave me was R1,9 million and I have so far paid back about R1,5 million. The outstanding balance is R400 000 which I will pay in due course,” he said.

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