Property company Landworth bought land parcels for R86.25 million but pre-sold them to the Gauteng Department of Human Settlements for R244.95 million.
Was it just property mogul Ralebala ‘Rali’ Mampeule’s nose for a deal that saw him buy a property for R86.25-million and offload it to the Gauteng Department of Human Settlements for R244.95-million? He says the department actually got a discount, but things don’t quite add up.
The Gauteng government bought a Midvaal farm for more than 10 times the price it was sold for only a few years before. The R70m transaction was a windfall for the middleman, property tycoon Rali Mampeule, whose company was paid out R44m in ‘commission’ on the deal. Now the police are investigat.
The Gauteng government paid R70 million for a Midvaal farm that had been bought for less than a tenth of that price a few years prior, with a massive commission paid out.