Ex-magnate faces sequestration

* Former property magnate Nic Georgiou is facing provisional sequestration, after he failed to pay R12.9m to a former investor in the Highveld Syndication schemes. The payment became due to the investor, Suriya Noormahomed, late last year, after the SCA dismissed Georgiou’s appeal against a High Court judgment, which had found that the conditions of the original investment contract remained valid – even though the HS companies were put into business rescue and later restructured in terms of a Section 155 Scheme of Arrangement. This meant Georgiou had to repay Noormahomed R12.9m. However, Georgiou failed to pay the amount due.