Sunday World reports that 25 year old self proclaimed multimillionaire, Yamkela Kiviet has been failing to pay for his two BMW luxury cars for almost a year and is now playing hide and seek with Westbank Repossession Department.
Kiviet, who has interests in Property, Consulting and Education, was a role model for many young black entrepreneurs before the latest revelations.
In a case of poor judgement: Kiviet reportedly bought two BMWs in 2017, both over R1 million each:
- An X6 whose installment was R10 000 a month, for which he last paid in July 2019
- A 5 Series, Whose installment was R5 500, for which he last paid on 13 July 2019
Kiviet is in arrears for R958 000 for the X6 and for R298 000 for the 5 Series.
Wesbank has been trying to Reposess the cars from Kiviet, who however, now claims that the cars were hijacked.
He reportedly told his insurance company that the X6 was Hijacked in Mpumalanga while being driven by a business associate.
He claimed the X5 was hijacked in Soweto in a seperate incident.
Kiviet’s insurance company refused to pay up for the cars on the grounds that both cars were in arrears.
Kiviet told eTV last year that his businesses were solid and included shares in a property company, student accommodation and a consulting company.
Kiviet said all his businesses were self funded: First he had a company registration consultancy before he expanded to an entertainment venue and later to education, property and student accommodation.
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