CityPress - - News - NTOMBIZODWA MAKHOBA ntombizodwa@city­press.co.za

Self-made mil­lion­aire Jab­u­lani Ng­cobo (31) is plan­ning to throw a mas­sive party af­ter be­ing found not guilty of charges of fraud, theft and money laun­der­ing. The case against the 31-year-old, who is known for his friend­ship with big busi­ness­peo­ple and throw­ing a R1 mil­lion birth­day bash, was fi­nalised at the Rand­burg Mag­is­trates’ Court late last month.

Ng­cobo, who is pop­u­larly known as Mr Cash­flow, is now plan­ning to sue the state for dam­ages suf­fered by him and his busi­ness, Cash­flow Pro.

Ng­cobo and his busi­ness part­ner, Mz­a­bal­azo Dlamini, cel­e­brated on the day of the judg­ment, tak­ing a trip to French In­dian Ocean is­land Re­union to mark the oc­ca­sion.

“I’m happy that I’m a free man now. But this has not only ru­ined my rep­u­ta­tion, it has also af­fected me emo­tion­ally, phys­i­cally and fi­nan­cially,” Ng­cobo told City Press this week.

Al­though Ng­cobo and Dlamini forked out big bucks for their le­gal fees, Ng­cobo in­sists that he is far from broke.

He still em­ploys an in-house chef and owns sev­eral prop­er­ties and luxury cars.

In 2011, the SA Re­serve Bank re­port­edly ap­pointed foren­sic au­di­tors to in­ves­ti­gate a sus­pected mul­ti­mil­lion-rand pyra­mid scheme, Cash Flow Prop­er­ties, owned by Ng­cobo and Dlamini.

Ng­cobo was in­ves­ti­gated just af­ter he splashed out an es­ti­mated R1 mil­lion for his 26th birth­day party at­tended by celebs Khanyi Mbau, Du­misane Mbebe and Win­nie Modise at the Coast­lands Ho­tel in Dur­ban, fol­lowed by a yacht cruise the fol­low­ing day. He was ar­rested in 2013. Two years ago, he threw a lav­ish 30th birth­day bash in Sand­ton, at­tended by his friends, busi­ness­man Tim Te­beila, Ma­bala Noise boss and ANC Youth League leader Reg­gie Nk­abinde, prop­erty guru Thato “TT” Mbha, TV pre­sen­ter Somizi Mh­longo and ac­tress Khanyi Mbau, among many oth­ers. “I am con­nected and close with pow­er­ful peo­ple.” Ng­cobo has since kept a low pro­file. He says that since 2012, many peo­ple did not want to be as­so­ci­ated with him or his busi­ness. “We are not run­ning a pyra­mid scheme. Our com­pany trains peo­ple how to trade on the stock ex­change,” he says. Ng­cobo says he won’t stop flash­ing his as­sets be­cause he wants to in­spire and give hope to young peo­ple who dream of liv­ing a good life one day. The flashy busi­ness­man grew up in a one-bed­room house in Cler­mont, Dur­ban. He started a debt-col­lec­tion com­pany in 2006. Three years later, he branched into the stock mar­ket field and that’s how Cash Flow Prop­er­ties was born. “I started this com­pany be­cause I wanted to be fi­nan­cially free. As black peo­ple we are still not fi­nan­cially free,” he says. Asked if he was still a mil­lion­aire, he says: “I’m a bil­lion­aire in the mak­ing.” He says that his par­ties are part of his mar­ket­ing strat­egy to re­cruit more clients.

Jab­u­lani Ng­cobo

Newspapers in English

Newspapers from South Africa

© PressReader. All rights reserved.