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In May, businessman Hamilton Ndlovu boasted about buying five luxury vehicles worth an estimated R11-million. Now SARS has frozen his personal and company bank accounts and seized three of his Porsches.Hamilton Ndlovu loses everything (the millionaire who bought 5 cars in 1day)

Hamilton Ndlovu loses everything (the millionaire who bought 5 cars in1day)

The SA Revenue Service has executed a provisional preservation order against businessman Hamilton Ndlovu and his companies, seizing three of his Porsches and freezing over R6-million in his bank accounts.

Daily Maverick understands that SARS conducted a search and seizure operation at Hamilton’s residence on 11 September 2020, a day after the North Gauteng High Court issued the provisional preservation order, which Daily Maverick has seen, and placed his assets under the curatorship of Zaheer Cassim of Cassim Incorporated.

The preservation order allows the curator to immediately take control of Ndlovu’s assets and preserve them to pay potential tax debts.

The order cites Ndlovu and five companies – Hamiltonn Holdings, Hamilton Projects, Mok Plus One, Abompetha, and Feliham – as respondents.

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Among the known assets listed are a Porsche 911 Carrera Cabrio, a Porsche Cayenne S Coupe and a Porsche Panamera GTS Sport, all of which have ownership dates in June 2020.

SARS has also frozen over R6-million in the companies’ bank accounts.

According to City Press, the Hawks started investigating the businessman after he posted the video of his new vehicles on social media. The publication claims the Hawks are investigating allegations that Ndlovu benefited from an Eastern Cape PPE contract.

“He’s been under investigation since he posted the video. It’s just a matter of time before we pounce on him. We’re also in talks with the Special Investigating Unit about seizing what we deem to be proceeds of crime. He’s one of the people thought to have benefited from irregular contracts that are being investigated by the Hawks,” a source in the security cluster told City Press.

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