Gauteng ANC provincial secretary Thembinkosi “TK” Nciza is among millions of South Africans who are buckling under the pressure of the high cost of living in the country.
The ANC politician’s plight came to the fore when Standard Bank rushed to the Joburg high court to force Nciza to surrender his R1.3 million luxury Merc after struggling to keep up with its monthly instalments.
The poignant news is contained in the papers Standard Bank filed in the same court, in which it seeks an order to repossess the car he has been paying for the past seven years.According to the papers, which are in our possession, the bank granted Nciza – the former owner of the now defunct TS Records music label – a credit to buy a 2015 Mercedez-Benz S400L for over R1.3million in Randpark Ridge, north of Joburg, on or about June 15 2016.
Nciza, who was married to Mafikizolo lead singer Nhlanhla Mafu, was supposed to pay a total of over R1.9million to the bank by way of more than R23,000 instalments for 72 months. This excludes over R349,000 balloon payment, which was payable on July 5 last year.