The Special Investigative Unit (SIU) head, Advocate Andy Mothibi, has promised to look into the matter of businessman Tuwani Mathews Mulaudzi, who was acquitted of fraud, theft, money laundering, and racketeering charges in 2022.
Mulaudzi’s assets, worth millions of rand and R105 million in cash, have been frozen since his acquittal.
Mulaudzi, the executive chairperson of Luvhomba Group, had written to the SIU seeking their intervention in the matter.
In response, Mothibi assured Mulaudzi that his case would be considered, copying Advocate Vanara, the SIU chief legal counsel, on the email.
“Thank you for your email with the attached SCA order… I have copied Advocate Vanara who is the SIU Chief Legal Counsel. He will consider and revert to you,” Mothibi wrote in an email.
Mulaudzi’s woes began in 2014 when Old Mutual accused him of ceding a R48 million investment to Nedbank.
The Assets Forfeiture Unit (AFU) and the National Prosecuting Authority (NPA) alleged that Mulaudzi had ceded the policy to Nedbank in return for R37.6million.
However, Mulaudzi claimed the charges were bogus and that he had been wrongly accused.
The Supreme Court of Appeal (SCA) recently dismissed an appeal by creditors, liquidators, Master of the High Court officials, and trustees, who had sought to keep Mulaudzi’s assets frozen.
In its ruling, the SCA presiding judge, NS Mkhusile, wrote: “The application for leave to appeal is dismissed with costs on the grounds that there is no reasonable prospect of success in an appeal and there is no other compelling reason why an appeal should be heard.”
The SCA ruling has paved the way for Mulaudzi to reclaim his assets.
“Finally, justice is beginning to be seen to be done. For far too long, these thugs have been holding on to my assets and messing up with their corrupt practices, without being accountable, litigating at will because it’s not their money, but taxpayers’. I say here and no further… It’s time they give Caesar what belongs to Caesar,” said Mulaudzi.
“There comes a time when evil runs out of tricks. This is one such case. Surely evil has been defeated… As I always say, I do this for the generations to come, that they should not fear human beings, but God,” he added.
He said his victory should serve as a lesson to all those who derive pleasure in seeing “other people suffer”.
“It’s also time the courts punish people with punitive costs orders so they can begin to feel the pain, instead of wasting taxpayers’ money with fruitless litigation, just because they can,” Mulaudzi said.
He has also decided to sue the State for malicious prosecution, with an actuary report quantifying his loss at a staggering R184 billion.
The report reveals that Mulaudzi’s company, Luvhomba Group, lost profits of R120.3 million from its electronics subsidiary, and significant stakes in various businesses, including a coal mine and an e-commerce venture with a Chinese company.
“The SIU's investigation into Mulaudzi’s case is expected to shed light on the circumstances surrounding his acquittal and the freezing of his assets,” said a source within the justice system.
The AFU and the NPA had not yet responded to questions on the matter at the time of publication.