VICTOR’S ‘GLASS HOUSE’ LEFT OUT OF ESTATE

MBABANE – It is probably one of the most-prized assets that deceased business mogul Victor Mfana Gamedze had under his portfolio.

Astutely referred to as the ‘Glass House’, the multi-million Emalangeni valued building is arguably one of the most attractive in the capital city, Mbabane, and is the landmark structure within the main street, Gwamile (formerly Allister Miller).

As Gamedze’s estate is being wound up, many people are eagerly awaiting to see what will happen to this building and who, among the beneficiaries of his estate, will be given its ownership.
The building’s main tenant is Swazi Mobile – the country’s second mobile telecommunications operator, which was co-founded by Gamedze.
The Times SUNDAY understands that the ‘Glass House’ has, however, been left out of Gamedze’s estate, which means it will not form part of the assets that will be distributed by executor, leading lawyer Sidumo Mdladla of SV Mdladla & Associates.

Building owned by trust
The reason for the building not forming part of the estate is because it is owned by a company, Serjeant Investments, which, in turn, is owned by a trust – Mfana Trust.
“It is common cause that a trust administers itself, so assets that are registered under a trust do not form part of the assets that belong to an estate that is being distributed following the death of a person,” one senior attorney told this publication.

The attorney stated that since the ‘Glass House’ is owned by Serjeant Investments, it means that the person who owns this company is the one who owns the building.
“Because Serjeant is owned by a trust, it means that trust owns the ‘Glass House’. It therefore does not form part of Gamedze’s estate.
“You will see when the distribution of the estate is done, the Glass House will not feature,” emphasised the attorney.

An online legal advisory states that among the chief advantages of trusts, is that “they let you put conditions on how and when your assets are distributed after you die; reduce estate and gift taxes; distribute assets to heirs efficiently without the cost and delay publicity of probate court.

The advisory also defines ‘trust property’ as assets that have been placed into a fiduciary relationship between a trustor and trustee for a designated beneficiary.
“Trust property may include any type of asset such as cash, securities, real estate or life insurance policies,” states the advisory.

Mdladla, when contacted on this, asked not to comment until the estate was wound up – a process he said was currently at its latter stages of completion.
Serjeant Investments, according to documents from the registrar of companies, was initially owned and co-directed by Gamedze with his long time private assistant Lomkhosi Gcinile Yvonne Dlamini.
However, a little over two months after Gamedze’s murder, this publication revealed that Dlamini was no longer director of Serjeant Investments.

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