Durban – Billionaire tenderpreneurs Shauwn and Sbu Mpisane have been declared factually insolvent by the South African Revenue Service (Sars) in a court application for their estate to be sequestrated.
The application was launched in the Durban High Court last month, days after Sars was granted an order to preserve the assets of the Mpisanes who, the receiver said, had not paid all their tax – more than R200 million.
During the festive season the Durban couple usually splurge, spending millions on parties and presents, but this year the taxman has dampened the Christmas mood in their home.
In affidavits before court, Lorraine van Esch, manager of the investigative audit enforcement unit at Sars, said Shauwn owed more than R57m in incom…
Read the full article at: http://www.iol.co.za/news/south-africa/kwazulu-natal/mega-rich-mpisanes-face-insolvency-7205598