Restauranteur Nicky van der Walt set to pay back R3.3m debt by September 29

Nicky van der Walt, the restauranteur behind the popular Tang restaurants, says he will pay back R3.3 million debt he owes by September 29 this year.

This follows a ruling by a Cape Town HIgh Court judge, Justice N. Mangcu-Lockwood.

The legal dispute was brought by Mel Properties 100, a company owned by Walter Hennig. The matter concerns a co-suretyship agreement signed by Van der Walt and Hennig to secure funding for the Ritz construction project, where Hennig was the majority shareholder.

Van der Walt and his legal team said in a statement that they were "disappointed" with the recent judgment. The Judge placed Van der Walt's estate under provisional sequestration and he was ordered to pay back an outstanding debt.

"Notwithstanding this, Van der Walt intends to settle the outstanding debt in full prior to the 29th of September, thereby bringing finality to the matter," said the statement.

 "At the time of concluding the Ritz lease, Van der Walt was unaware of Hennig’s ongoing financial and legal difficulties, which originated from investigations conducted by the United States Department of Justice and the FBI in 2017 relating to bribery and corruption allegations,"the statement said.

"It is important to emphasise that these investigations pertained solely to Hennig and have no bearing on Van der Walt.

"Throughout, Van der Walt has remained committed to honouring his obligations diligently and responsibly.

"He believes that an expedient settlement serves the best interest of all parties concerned and will allow him to focus fully on his business and professional responsibilities without further distraction."

Van der Walt owns Tang, a restaurant with branches at the V&A Waterfront in Cape Town, Nelson Mandela Square in Sandton, and Dubai.