Banking giant guns for Matshela Koko’s chic R1.6m vehicle

Former Eskom CEO Matshela Koko has had a tough time.

Sunday World can exclusively reveal that Standard Bank sought a court order from the High Court in Johannesburg last week to force Koko to return his R1.6 million vehicle after he failed to keep up with his monthly installment.

In court documents we have seen, Standard Bank claims to have granted Koko a loan of over R1.6 million on January 30, 2017 to purchase a 2017 Lexus LX 570 V8.

Photo: Motortrend

The banking group further indicates that the total costs of the loan agreement, including interest, costs and charges, will exceed R2.4 million, which Koko was to repay in monthly installments of R28,000 during 72 months.

Koko was reportedly the road monster’s legal owner after paying a final installment of just under half a million on February 1, 2023.

The bank claims the former Eskom boss breached their agreement when he defaulted on his payment and was, as of June 13, 2022, over R220,000 in arrears.

Lawyers representing the bank wrote a letter to Koko on May 17 and pleaded with him to pay the arrears and keep his account up to date. But their plea fell on deaf ears, as Koko failed to remit the payment.

“Defendant failed to make payment in full of the monthly installments due under the agreement and therefore breached the agreement,” the papers state.

The bank further indicates that due to his delay, it has canceled the agreement and wants him to return the sedan, as he is now in unlawful possession of the vehicle.

“And under the terms of the agreement, the plaintiff is entitled to the return of the goods upon the cancellation of the agreement. This is why the plaintiff seeks judgment against the defendant as follows;

An order directing the defendant to return to the plaintiff possession of the goods being a 2017 Lexus LX 570 V8. Retention of all monies paid to the plaintiff by the defendant,” the papers read.

The bank also asked the court to allow it to seek damages against Koko if the vehicle was found to have lost its market value after returning it.

When pressed for comment, Koko said, “write the story as it is.”

Koko made media headlines a few months ago when the Zondo Commission of Inquiry into State Capture Allegations discovered that he was an important tool in the infamous Gupta family’s strategy to capture the service. public electricity.

The commission recommended that he be investigated and possibly prosecuted for a host of Gupta-related deals at Eskom. He responded by calling the findings a nuisance and threatened to subject them to judicial review.

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Ngwako Malatji