Guptas “backed” Maine’s R140 k-a-month bond

AmaB has established that Collen Maine, the ANC Youth League boss, and his wife, Kelebogile, have a R5.4-million bond on their golf estate home east of Pretoria – and that his bond repayments are a whopping R140 000 a month.

Democratic Alliance Jeffreys Bay

How does he afford it? The evidence suggests the Guptas have lent a big hand.

The Maines bought the double-storey, triple-garage house in the Woodhill estate last October.

A source said Maine originally submitted a cash offer. Lawyer Abdul Jaffer then paid the fullR5.4 million purchase price, saying it came from the Bank of India. Jaffer has often acted for the Gupta family.

Another source said that the Guptas arranged with the Bank of India to give Maine a bond because he did not qualify financially.

The Guptas asked Jaffer to help, he said, and the bond was registered by a conveyancer known to Jaffer, Shamsoodeen Omar.

Deeds office records confirm a Bank of India bond covering the full R5.4 million purchase price was registered to the Maines in mid-December, by Omar.

The bond document raises questions about how Maine can afford his new house, because:

– Rather than the standard 20 years, the repayment term is four years. This more than doubles the monthly instalments – strange for someone who is not cash-flush.
– At current interest rates, the installments will be over R140 000 a month.
– To qualify for a bond that size, the Maines should have jointly earned at least R450 000 a month – unless a third party was helping them. R450 000 is roughly double President Jacob Zuma’s monthly paycheck.

In his former job as a North West MEC, Maine earned no more than R152 000 a month. His current ANC salary is likely far less.

This week, Collen Maine seemed to deny the four-year-term of the bond, but would say no more.

“I don’t know who is discussing those things with you. I have gone to the bank. I have got an agreement with the bank on how I pay the house for 20 years, so I would not then discuss my private issues in public any more,” he said.

The Guptas did not reply.

Source: amaBhungane


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