Kandara planned to branch out into debt collecting

AVID Investment Corporation CEO Lazarus Kandara was in the process of setting up a debt collecting business in South Africa, the High Court inquiry into the Social Security Commission’s N$30 million investment with his company heard on Wednesday.

As part of the last testimony Kandara would give the inquiry, he told the court that he was in partnership with a certain Oupa Moleke in Soweto, Johannesburg. This emerged after much coaxing by Acting Judge Heathcote to explain the a car payment of N$233 000 made from another of his corporations, Dey-Yar Investments, to a car dealership in South Africa and a further N$42 000 for garage doors.Initially Kandara would only say that the car was for a friend, but eventually told the court that Moleke needed the car for “work” he was doing for Kandara.After further probing, he eventually revealed that Moleke needed the car to travel between Johannesburg and Cape Town to collect debts owing to Kandara.”How successful is he? How much did he recover for you because he’s good, you say,” asked Heathcote.Kandara said that to date Moleke had collected N$57 000 for him and that as much as N$890 000 was allegedly owed to him.He did not say for what the money was owed.”There’s something fishy about this story,” Heathcote said.”If he’s so good why don’t you get him to go to Alan Rosenberg [the South African trader alleged to have conned Avid out of N$30 million]?” quipped Heathcote.The garage doors, Kandara would only confess much later, was for the office that was being set up.SSC legal counsel Andrew Corbett noted that it was “quite amusing” that Kandara would chose to set up a debt-collecting business.”Why did you struggle so much to come up with that information?” Heathcote wanted to know.Kandara said that at present, the business was only one on paper, and that according to the plan he would have a 40 per cent stake in it.Corbett indicated that forensic auditors would be instructed to attach the Toyota Rav 4 that Kandara had bought for Moleke.This emerged after much coaxing by Acting Judge Heathcote to explain the a car payment of N$233 000 made from another of his corporations, Dey-Yar Investments, to a car dealership in South Africa and a further N$42 000 for garage doors.Initially Kandara would only say that the car was for a friend, but eventually told the court that Moleke needed the car for “work” he was doing for Kandara.After further probing, he eventually revealed that Moleke needed the car to travel between Johannesburg and Cape Town to collect debts owing to Kandara.”How successful is he? How much did he recover for you because he’s good, you say,” asked Heathcote.Kandara said that to date Moleke had collected N$57 000 for him and that as much as N$890 000 was allegedly owed to him.He did not say for what the money was owed.”There’s something fishy about this story,” Heathcote said.”If he’s so good why don’t you get him to go to Alan Rosenberg [the South African trader alleged to have conned Avid out of N$30 million]?” quipped Heathcote.The garage doors, Kandara would only confess much later, was for the office that was being set up.SSC legal counsel Andrew Corbett noted that it was “quite amusing” that Kandara would chose to set up a debt-collecting business.”Why did you struggle so much to come up with that information?” Heathcote wanted to know.Kandara said that at present, the business was only one on paper, and that according to the plan he would have a 40 per cent stake in it.Corbett indicated that forensic auditors would be instructed to attach the Toyota Rav 4 that Kandara had bought for Moleke.