Many Buffalo City Metro households will receive an early Christmas present the city is set to scrap more than R200m in rates and services debt owed by the most needy consumers. Though opposition parties supported the move, they voiced concerns over the mounting debt.
The Buffalo City Metro council is set to write off R65m in debt owed by the city’s biggest shopping mall. Rebosis Property Fund Ltd, which owns Hemingways Mall, approached the city asking for the write-off. The company, owned by Mthatha-born millionaire Sisa Ngebulane, is in business rescue. The mall owes the city more than R80m in rates and taxes and has gone to the municipality hat in hand for relief.