Andile Ramaphosa mansion and BMW repossessed over R2 Million debt

Sunday World reports that Standard Bank has repossessed the mansion and luxury BMW of President Cyril Ramaphosa ‘son, Andile over unpaid debts.

The newspaper reports that Andile used the Efenburg mansion as surety when he took out a loan of R1, 8 Million from the bank in 2015. He supposed to pay R15 000 a month installments for 10 years but failed to do so. BY October 2021,  Andile still owef the bank R1, 491 452.98.

Andile also borrowed about R1 million for a BMW 650i, for which he was supposed to pay R13 400 a month for 72 months.

Andile was taken to court in October 2021, at which point he was in arrears for the BMW for R86 000.

Please read the full story in today’s Sunday World Newspaper – 6 March 2022.