Court grants interim sequestration order against Fred Daniel
The Badplaas businessman failed to settle his R3,2 million debt with Altfund.
MBOMBELA – In another blow to Badplaas businessman, Fred Daniel, the High Court Mpumalanga Division granted an interim order for his personal sequestration after failing to settle his R3,2 million debt with Altfund.
The judgement comes after a 2014 loan agreement between Mountain View Investments (Daniel’s company) and Altfund where he bound himself personally as surety for the payment obligations.
Altfund lent Mountain View R807 000 and it paid only one instalment of R44 772 in December 2014.
A lengthy legal battle started with various applications and counterclaims argued in the courts.
At the end of January this year Altfund succeeded in obtaining a provisional liquidation order against Mountain View Investments.
READ MORE: Fred Daniel company provisionally liquidated
Pretoria High Court’s acting judge, Nante Diedericks handed down the judgement, granting provisional liquidation of the company even though Daniel claimed that the business could be rescued.
He had applied for business rescue which would have suspended liquidation proceedings, but in this case, the business rescue application was not served to all interested parties as the Companies Act prescribes.
Diedericks gave interested parties until July 11 to show cause as to why the order should not be made final.
In her judgement on Daniel’s personal sequestration last week, Mpumalanga High Court judge Sheila Msibi found that various cost orders had been granted against Daniel and Mountain View, none of which were paid.
In the introduction to the judgement, she stated that Altfund’s attempts to establish whether there were any assets to attach in execution of the prior judgement debt have been fruitless, as Daniel has no immovable properties registered in his name.
In court documents, Altfund argued that while Daniel claimed that he was solvent, he had not paid any of the debts owed to them.
It was discovered that another judgement for an amount of R465 000 was granted against him in favour of a different applicant.
Daniel is no stranger to the courts, and in 2017 obtained a protection order barring an official from Mpumalanga Tourism and Parks Agency (MTPA) from harassing him.
In 2018 he obtained an interim protection order against deputy president David Mabuza, claiming that he and the agency were harassing him and sabotaging Cradle of Life, a game reserve in Badplaas.
READ MORE: Protection order judgment involving David Mabuza to be appealed
Carolina Magistrate’s Court magistrate Sarel Grabe presided over the case and eventually set aside the order. Last year, Daniel indicated that he would appeal Grabe’s decision.
He is also currently still embroiled in a legal battle with the MTPA.
