VICTOR’S WIFE, MPS IN E12M LAND DEAL

MBABANE – Late business mogul Victor Gamedze surely left a fortune! Even before the deceased entrepreneur’s estate is distributed among beneficiaries as it awaits the outcome of legal processes, one of his properties has already been disposed of.

Gamedze’s wife, Lungile Hotencia Gamedze, has sold a piece of land to a members of Parliament (MPs)pension scheme chaired by the late businessman’s friend, MP Marwick Khumalo, for a price of E12 million.
The land, which measures 1.3480 hectares, is situated in Ezulwini near Corner Plaza and Cash Build Hardware on the stretch where Lungile’s father, the late Prince Makhungu, has a homestead.

Documents seen by the Times SUNDAY show that the princess sold the property to the Members of Parliament and Designated Office Bearers Pension Fund (MOPADO) on August 23, 2018.
 She sold the property in her capacity as a trustee of Madlenya Trust.

During a meeting of the beneficiaries in Gamedze’s estate last month, Lungile is reported to have tried, without luck, to be appointed co-executor of her husband’s assets.
She reportedly wanted to be co-executor because there was a trust formed by the late businessman which she wanted to be appointed a trustee of.
She is said to have indicated that this trust had Gamedze’s properties.  

At the time of putting this paper to bed, it had not been ascertained whether assets held under Madlenya Trust were part of Gamedze’s estate.
Prominent lawyer Derrick Jele, who was last month appointed executor of the estate, replacing big shot senior attorney Sidumo Mdladla, said he had no comment when approached for clarity on the trust’s status in as far as the estate is concerned.   
This publication understands that Lungile has made a huge profit from the sale of the land because when her husband acquired it in 2011, it cost him E2.5 million.

Also, the valuation roll of the Ezulwini Municipal Council as at 2014/2015 financial year indicates that the property is currently valued at E2.5 million.
A valuation roll is a database in which the municipality stores the municipal valuations of all properties recorded on that particular roll.

When Gamedze bought the property from a high-ranking politician in 2011, the municipality had valued it at E500 000.
An official within the municipality clarified that the municipal value is not necessarily equivalent to market value.
He said the municipality uses the valuation roll for rating purposes.

Section 13(1) of the Ratings Act of 1995 states that “the basis for the valuation of land shall be the market value of such land and any improvements thereon”.
The Act defines market value as the amount for which immovable property maybe sold or purchased in an open market transaction on a date of valuation.

‘Valuation at market value’

Vusi Matsebula, the Chief Executive Officer of the Ezulwini Municipal Council, said the basis of the valuation ‘is market value’ and this value is determined at a certain time and kept in the books of the municipality for a period of five years.
“During the period, the value may change up or down depending on the markets. A property valued at E1 million in 2014 will have a different value now (2019) and the rating figure will still be E1 million until replaced by another value after a general valuation,” the CEO explained.
 

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