Tbo Touch to lose his properties after squandering R11mill IDC Funds

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Sunday World has reported that digital radio entrepreneur Tbo Touch, real name Thabo Molefe, appears to be in legal trouble over loans he was paid from the Industrial Development Corporation (IDC), a state finance entity that has for years tried to support black business in South Africa.

The IDC has reportedly obtained a court order against him to recover R11 million in loaned money that was used to set up his digital radio station Touch HD, based in Sandton, with allegations that he has been mismanaging the money.

The IDC may have to auction off the station’s assets to recoup some of the money, however.

Sole director Molefe was meant to repay various loans over the course of about three years, but had apparently been failing to do so, falling into arrears with several of his creditors. He allegedly also used R2.7 million that should have been spent on capital expenditure to instead fund working capital, particularly staff salaries.

The DJ has reportedly complained that he has struggled to secure the same kind of audience size, and especially advertiser support, as traditional free-to-air radio stations.

Earlier this year, it was also reported that Touch HD and Marketing was facing liquidation after failing to settle a massive hospitality bill at the 2017 Durban July.

A company that provided hospitality services at the Durban July filed papers in a bid to sequestrate the company after they allegedly left an almost R190,000 catering bill unpaid following the event.

Touch HD and Marketing reportedly sent the company an email saying payment would be made just after the event, in July 2017, but it allegedly never was.

He again headed to the 2018 Durban July in style with a cavalcade of sportscars.

Among the flashy wheels worth millions was an Audi R8 Spyder, a BMW i8, various Mercedes-Benz coupes, drop tops, SUVs, a Porsche Boxster, top-of-the-range Range Rovers and a number of BMWs.

In 2016 the DJ also had Twitter in a spin when he said his road trip involved vehicles worth R216 million.

That year, the #TouchConvoy featured 100 supercars that travelled to different cities. It did not make the same splash this year.

-The Citizen


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