Reports have revealed on Monday morning that South African based billionaire Patrice Motsepe has filed for bankruptcy.
The businessman who has got interests in Mining, sports, and other businesses is said to be deep in debt and has therefore decided to come forth and file for bankruptcy.
Motsepe is the founder and executive chairman of African Rainbow Minerals, which has interests in gold, ferrous metals, base metals, and platinum. He also sits on several company boards including being the non-executive chairman of Harmony Gold, the 12th largest gold mining company in the world, and is the deputy chairman of Sanlam.
In 2012, Motsepe was named South Africa’s richest man, topping the Sunday Times’ annual Rich List with an estimated fortune of R20.07 billion ($2.4 billion).
In 2003, he became the owner of football club Mamelodi Sundowns.
In 2013, he joined The Giving Pledge, committing to give half his wealth to charitable causes.
Sources reveal that after giving to charity, investing in a couple of ventures that did not produce, and spending lots of money on boats and expensive hotels, Motsepe is finally down and out.
The sources also reveal that Motsepe recently took out a loan of R200 000 Million to finance his expensive lifestyle.
A bank that cannot be mentioned also revealed that the loan is now six months in areas, and they cannot get hold of Mr. Motsepe on the phone.
Motsepe is planning to sell his houses, football club and expensive cars to try to repay the debt.
A close friend of Motsepe said “No matter how much money you have, spend it wisely. Though Some things are impossible, like Motsepe going broke. Spend your money wisely.”
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