Zunaid Moti, the largest shareholder in Rebosis Property Fund who was once on Interpol’s wanted list, says his plan to move more than a fifth of its almost R10bn debt load off the company’s balance into a special purpose vehicle has been shot down by the beleaguered real estate firm’s largest creditor, Nedbank.
Under the plan, Moti would team up with a group of investors in KwaZulu-Natal, represented by lawyer Manoj Maharaj, to put R4bn worth of new income-producing properties into the SPV to serve as collateral for the R2bn debt that should be moved off the company’s accounts. Some of the income from these new assets would be used to pay down debt while Rebosis’s existing portfolio takes care of the loans on its balance sheet.
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