South Africa: Rebosis Is Not Technically Insolvent - There's an Agenda to Destroy Black Success, Says CEO Sisa Ngebulana

analysis

Sisa Ngebulana is battling on many fronts to save his property empire from collapse. Ngebulana's Rebosis Property Fund faces a smothering debt load and a legal fight with a prominent businessman over a large block of shares, and investors are running out of patience with the company's turnaround efforts.

First published in the Daily Maverick 168 weekly newspaper.

Sisa Ngebulana believes that Rebosis Property Fund, the property empire he founded and listed in 2011 on the JSE, is being unfairly targeted. Rebosis has been buckling under the weight of a smothering debt load, which has forced Ngebulana to sell property assets to free up cash, and a share price meltdown, and some investors that have turned against the company. But Ngebulana says Rebosis is not the only company in SA's property sector going through a rough time.

DM168 put some questions to Ngebulana about the plan to save Rebosis from collapse and the company admitting that it doesn't pass the liquidity test in the short term. Ngebulana also reflects on his legal battle with Rebosis shareholder Zunaid Moti over the ownership of a block of company shares.

Q: Are you concerned about the future of Rebosis and its ability to...

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