Former SABC group executive Pearl Luthuli could be left high and dry if Absa acts on an order to have her R4 million upmarket house attached.
The bank was granted a draft order authorising it to attach Luthuli's 100m² property in the Joburg suburb of Bryanston after the 58-year-old woman defaulted on her bond repayments.
Luthuli bought the Tuscan-style cluster home in 2008, just a year before leaving the public broadcaster in a huff, saying she was tired of being a "lame duck".
The house was bonded at R3.9m and the bank gave her an additional R780 000 for other expenses, and Luthuli was expected to pay monthly instalments of R32 247.58 at an annual interest of 7.25 percent.
But for eight months Absa has received nothing from the woman who holds directorships in several companies. including a transport and logistics company and a company with interests in petroleum. The property is in arrears of R288 933.89 and the bank feels "prejudiced".
"The respondent (Luthuli) failed to make regular and/or due payment of the instalments due under the said bond and is at present in arrears with her payments. The balance now due and owing by respondent to applicant is the amount of R4 092 148.18 plus interest thereon at a rate of 7.25 percent per annum, compounded monthly... from August 11, 2011 to date of payment," the bank said in papers filed in the Johannesburg High Court.
"The respondent fell into arrears with payment of her monthly instalments during December 2010 and is in arrears for the past (eight) months and remains in arrears."
Judge Frans Kgomo granted the order on Tuesday.
Default judgment "is hereby granted in favour of the applicant as against the respondent for payment of the sum of R4 092 148.18 interest on the abovementioned amount at the rate of 7.25 percent per annum, capitalised monthly from August 11, 2011 to date of final payment", the judge said.