Khanyi’s em­pire faces liq­ui­da­tion

CTP takes Ndalo to court over R13m bill

Sunday World - - Front Page - By Aubrey Mothombeni moth­ombe­[email protected]­day­

Former TV news read­er­turned busi­ness­woman Khanyi Chi­jioke’s me­dia em­pire faces liq­ui­da­tion over a R13m debt al­legedly owed to print­ers.

The me­dia mogul’s com­pany Ndalo Me­dia was taken to the high court in Jo­han­nes­burg by CTP Print­ers last week fol­low­ing her com­pany’s al­leged fail­ure to keep up with pay­ments for the print­ing of her pub­li­ca­tions, in­clud­ing SAA in flight mag­a­zine Sawubona, Des­tiny, Des­tiny Man, Elle and Elle Dec­o­ra­tion.

Ac­cord­ing to CTP Print­ers’ fi­nan­cial man­ager David Martin’s af­fi­davit, the debt in ques­tion was ac­cu­mu­lated be­tween 2016 and this year.

Ndalo Me­dia is yet to file their an­swer­ing pa­pers.

Martin said in the court pa­pers that ev­ery time Ndalo had to pay for ser­vices ren­dered, the com­pany al­ways re­quested in­dul­gences.

This, he said, were re­flected in nu­mer­ous ex­change of e-mails be­tween him and Chi­jioke, whom he said de­scribes her­self as the found­ing ed­i­tor and CEO of Ndalo Me­dia, as well as her se­nior staffers.

She is in­ter­change­ably re­ferred to in her maiden name Dhlomo in the court doc­u­ments.

“Ndalo Me­dia is un­able to meet its li­a­bil­i­ties in the or­di­nary course of busi­ness to pay its debts as they be­come due in the or­di­nary course of busi­ness.

“In­dul­gences and lat­i­tude granted to the re­spon­dent over the afore­said pe­riod even­tu­ally cul­mi­nated in the re­spon­dent be­com­ing in­debted to the ap­pli­cant in the amount of R13 207 755.33,”show­pa­pers.

The pa­pers fur­ther show that Ndalo Me­dia at some point en­tered into a set­tle­ment plan with CTP Print­ers to make cer­tain pay­ments to clear the debt. These pay­ments, rang­ing from R1m to R2.6m, were sup­posed to be made from Au­gust this year, but Ndalo still failed to meet its end of the deal, the pa­pers show.

The print­ing com­pany fur­ther stated that Ndalo Me­dia promised again to clear the ar­rears in their ac­count, this time through Ndalo’s lawyers in a let­ter dated Oc­to­ber 2 2018.

In the let­ter, ac­cord­ing to the pa­pers, Ndalo had asked for an ex­ten­sion on its due pay­ments to be moved from Oc­to­ber 8 2018 to Oc­to­ber 10 2018.

“Dear Paul, ... Just con­firm­ing that we’ve agreed on the fol­low­ing: The amount that was due to CTP on 15 Novem­ber 2016 will be paid on De­cem­ber 2016, with 2 De­cem­ber 2016 be­ing the lat­est date by which it will be set­tled,” reads one of Dhlomo’s e-mails ti­tled pay­ment agree­ment.

Ac­cord­ing to the let­ter by Ndalo’s lawyers Judin Com­brink At­tor­neys, an­nexed to the pa­pers, the com­pany of­fered three prop­er­ties worth R100m as se­cu­rity in favour of CTP Print­ers for the money they owed.

The let­ter, dated Oc­to­ber 29 2018, stated that the three prop­er­ties were owned by a com­pany called Kouga Pack, which ac­cord­ing to CIPC records, had Chi­jioke and three other Dhlo­mos as di­rec­tors.

Among the prop­er­ties put down was one lo­cated at Isipingo in KwaZulu-Natal worth R55m and a stand lo­cated in Al­rode, Gaut­eng, which is val­ued at R31.5m.

The other prop­erty, ac­cord­ing to the le­gal cor­re­spon­dence, was in Cape Town and worth R15m.

“The to­tal value of the afore­said prop­er­ties as val­ued by Jam­rec Prop­erty So­lu­tions in 2017 is R101 688 000. In­vestec cur­rently holds a reg­is­tered bond over the prop­er­ties in the amount of R60 000 000,” reads the let­ter from Ndalo’s lawyers.

How­ever, the pa­pers show that this prom­ise was also not hon­oured as Ndalo al­legedly de­faulted. The doc­u­ments show that it was only af­ter the com­pany was served with a set­tle­ment in­di­cat­ing the amount due to them that Ndalo made a pay­ment of R200 000 to the print­ers, re­duc­ing the amount owed to R9.6m.

The print­ing com­pany said it later is­sued a let­ter of de­mand to Ndalo which was ac­knowl­edged by Ndalo’s lawyers.

De­spite this, ac­cord­ing to CTP, Ndalo re­quested fur­ther print­ing work to be done, adding R2.4m to its debt.

Chi­jioke and her lawyer Judin Com­brink failed to re­spond to ques­tions send to their emails, SMS and What­sApp

Ndalo Me­dia is un­able to meet its li­a­bil­i­ties in the or­di­nary course of busi­ness

/ Moeletsi Mabe

Busi­ness­woman Khanyi Chi­jioke’s me­dia com­pany, Ndalo Me­dia, is fac­ing liq­ui­da­tion af­ter fail­ing to keep up with its print­ing costs, forc­ing CTP Prt­in­ters to take the com­pany to court.

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