‘Instagram millionaire’ Hamilton Ndlovu has R42 million assets FROZEN

Comments · 1542 Views

Hamilton Ndlovu who flaunted his wealth on social media has been hit by some crushing legal blows on Thursday. The businessman has had R42 million worth of assets frozen by the Special Investigating Unit (SIU), after he failed to pay tax on an R171 million windfall.

The non-compliant ‘Instagram millionaire’ only has himself to blame. Last year, he uploaded footage of his new fleet of luxury cars to the online platform. The post went so viral, even the top executives at SARS saw it. And, with Hamilton Ndlovu not bothering to pay tax on his multi-million rand acquisitions – which also included new properties and other valuable assets – a failure to keep a low profile ultimately lead to his downfall. In March 2021, a judge noted that Ndlovu’s social media activity alerted the taxman to discrepancies between the items bought and the money that was paid to the state. Following a court order, the SIU was called in to investigate.

 

In the past 24 hours, the Unit confirmed they were blocking Hamilton Ndlovu from selling any of his vehicles, homes, or other assets flagged by SARS. Earlier this morning, they confirmed there would be a ‘complete freeze’ on ALL of his assets, to the tune of R42 million. Something tells us he won’t be posting any of this on his Instagram page… “SIU and NHLS have been granted an order by the Special Tribunal to freeze R42 million worth of luxury properties and funds. The funds and properties are linked to Jo’bourg businessman Hamilton Ndlovu. This follows upon a similar preservation order obtained by SARS seizing R60 million.” “The transactions were obtained by abusing the emergency procurement procedures that were adopted by the NHLS in order to respond to the COVID-19 disaster during the first half of 2020 – Ndlovu and other respondents are prohibited from dealing in any manner with the funds and properties, including selling or transferring the properties.”

 

WATCH VIDEO:

Comments