‘Former’ property magnate pleads poverty

As former investor applies for provisional sequestration.
Nic Georgiou. Image: Supplied

‘Former’ property magnate Nic Georgiou is facing provisional sequestration, after he failed to pay R12.9 million to a former investor in the Highveld Syndication schemes.

The payment became due to the investor, Suriya Noormahomed, late last year, after the Supreme Court of Appeal dismissed Georgiou’s appeal against a previous high court judgment. This high court judgement found that the conditions of the original investment contract remained valid, even though the HS companies were put into business rescue and later restructured in terms of a Section 155 Scheme of Arrangement. This meant Georgiou had to repay Noormahomed R12.9 million.

Read: Another blow for Georgiou

However, Georgiou failed to pay the amount due.

Noormahomed brought the application for provisional sequestration, after Georgiou pleaded poverty when the sheriff of the court visited Georgiou’s residence in Johannesburg in January to seize assets to repay the amount. 

According to the court papers, Georgiou declared to the sheriff he did not have the “money, moveable or disposable property” which could be used or sold to repay the claim.

However, the sheriff’s report also states that Georgiou replied “yes”, when he was asked whether he owned any immovable property which may be sold to repay Noormahomed.

In her affidavit, Noormahomed says her attorneys conducted deed searches and found that despite Georgiou’s admission, he doesn’t seem to own any immovable properties in the country. “I submit that it is clear that Georgiou on his own admission, or at least inferentially, is concealing assets and that reasonable grounds, therefore, exist that a trustee will be able to unearth such assets which might then be attached, sold and the proceeds disposed of for distribution amongst creditors.”

Property mogul

In her affidavit, Noormahomed seems unconvinced that Georgiou does not have sufficient assets to repay her claim.

She lists numerous assets Georgiou has owned in the past. It includes a multi-billion-rand property portfolio housed in his company Zephan. A significant number of these properties were sold to the HS companies, including 42 particular properties which were sold for R3.4 billion. However, these properties were never transferred to the HS companies. Georgiou later sold to third parties, meaning that he sold the properties twice.

Says Noormahomed, “Under the circumstances, I submit that these various factors render it clear that Georgiou has something to hide and that good cause for believing that his dealings should be openly exposed and his personal financial position investigated and that assets are likely to come to light when a full investigation of Georgiou’s affairs under the very extensive powers of enquiry given by the Insolvency Act is conducted.”

The peculiar case of the Picvest billions (Part 1) (Background)
The peculiar case of the Picvest billions (Part 2) (Background)
The peculiar case of the Picvest billions (Part 3) (Overvaluation of properties)
The peculiar case of the Picvest billions (Part 4) (Property transactions prior to Read: HS companies being put into business rescue)
The peculiar case of the Picvest billions (Part 5) (Disposal of properties contradicts the intent of the business rescue plan)
The peculiar case of the Picvest billions (Part 6) (The sale of 31 ‘Orthotouch Properties’ to Accelerate)

Georgiou’s response

Georgiou needs to indicate whether he intends to defend the application. If he does, he will have to respond to Noormahomed’s claims.

If Georgiou doesn’t, he may be sequestrated. The court will then appoint a trustee who will have extensive powers to investigate Georgiou’s financial affairs, and it may reveal what happened to his wealth.

Georgiou did not respond to Moneyweb’s questions related to the application and the allegations made therein.

Significant implications for HS investors

This application may have a significant impact on other investors who may have similar claims as Noormahomed, as it will show whether Georgiou still has financial assets to honour such payments.

These claims may amount to billions of rands.



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Go to jail, go directly to jail, do not collect 200 cents.
Rot in jail.

Still waiting for the state capture protagonists to be served justice. State capture effected all South Africans while Georgiou’s indiscretions impacted a small set of investor. What is happening to Georgiou is what you expect to happen. Methinks they are dragging out state capture proceedings so that Zuma will die first, a hero, without facing justice.

Cash flush from asserts illegally transfered to it by Georgiou

No Please.. we first want our investment back…

Thanks Ryk for giving us a opportunity to have our say about this man Nic Georgiou, his poverty twart, his empty promises, his ???. I believe that his two son’s MICHAEL (ACCELERATE)& GEORGE will not let this sequestration happen as it WILL HAVE AN IMPACT ON THEM AS WELL. I believe he will pay Me Noormahomed what is due to her by law and that will pave the way for us the HSAG CLASS ACTION GROUP. If you are an investor you need to sign up with the HSAG group ASAP. Go to http://www.hsaction.co.za or visit the facebook page or contact the office 0218877887 or the ADMINS of the WHATSAPP groups 0824508854 (E) 0796354165 (E). We have a HS21/22 COURT CASE STILL THIS YEAR…NB!! registration ends 16 MARCH 2020. DON’T MISS OUT.. Thank you. Once again Ryk you are our ROCK by standing by your principals and publishing the truth.

BRILLIANT, Thanks Ryk for once again keeping us up-to-date with the latest is this Bizarre and drawn out Saga!

The Georgiou House (of cards) is DEFINITELY crumbling…
What amazes me is that after 23 actions in defense against the HSAG CLASS ACTION alone (besides the Private case like Ms Noormahomed, and over the past 5 years… yes that is how long Georgiou has managed to delay and drag out proceedings!!!) He has NOT COME UP WITH ONE SHRED OF EVIDENCE TO SHOW THAT HE IS NOT GUILTY !!!????

And now he claims poverty?


For those that are not aware of the CLASS ACTION granted for HS21&22 at the end of 2019, the Court Order allows for people to still have an opportunity to OPT-IN, HOWEVER, THIS MUST BE DONE BEFORE 16th MARCH 2020. Claims for HS15-20 have also been instituted with the High Court. Time is running out!

Go to http://www.hsaction.co.za or visit the facebook page or contact the office 0218877887 or the ADMINS of the WHATSAPP groups 0824508854 (English) 0796354165 (Afrikaans).

PS: Mr Nic Georgiou… you can’t plead poverty if you can afford to drag out litigation proceedings against yourself for so many years. How much money have you had to pay your army of Advocates as well as all the costs for all the cases you have lost???

OH AND LASTLY: Are there still people out there that are prepared to do Business with this Georgiou Family??

Maybe a good precaution to ensure that Mr Georgiou has no direct access to any airport-containers!

….to avoid him pulling off a “Carlos Ghosn style escape” to eventually surface somewhere in Greece or Cyprus.

It will be very interesting if Georgio oppose this matter for the mere reason that he was the one that allways threatened the investors with exactly the trick of apparantly seqwestrating and liquidating himself and relevant entities. So now the proof is in the pudding. As said many times before just GIVE BACK THE MONEY greedy receivers.The CORE of this matter is the DISPUTE !!!!!!It was never investigated even when Eugene Kruger the trust attorney of investors money proclaimed in writing ALL THE MONEY WAS PAID TO ZEPHAN FOR THE PROPERTIES THAT THE INVESTORS PAID FOR. This statement cancelled the dispute.This was a well planned property capture and the court will prove that.

What gives you the right to attribute Georgiou’s activities to all Greeks and Cypriots? Do you attribute the activities of the Guptas to all Asians? Do you attribute the activities of Zuma to all Black people? Do you attribute the activities of Marcus Jooste to all Afrikaaners? Do you attribute the activities of Ronald Bobroff to all Jews? Undoubtedly you do from your racist post. Where do you get your facts from you racist? You’re probably an insignificant wasp or an embittered broederbonder and don’t have a cooking clue what you’re talking about. Don’t pen your racist diatribe here you moron! I AM GREEK AND PROUD OF IT. MY NAME IS COSTA MUTZURIS. What is your name “Rusty Dimeter”? Identify yourself if you have the guts to.

Companies in business rescue, director and shareholder insolvent = nothing, niks , nada for investors. Sorry for you!

Poverty my pretty white ass! He has HUNDREDS of millions stashed away.

Don’t be naive. It’s not hundreds of million, it’s BILLIONS! 4.8 to be precise!

Wow! R4,8billion?!

Jeesh…Georgiou thus won’t need any airport-containers to escape Carlos Ghosn style…..he can merely pay his way out, departing from Waterkloof in plain sight of all! 😉 Gupta-style.

Maybe Accelerates assets should be sequestrated too.

Why? Accelerate is very cash flush – no way insolvent. Cash flush with our money that is!

Most of our buildings (HS-Pic) are in Accelerate.. Read Ryk’s articles….

I wonder what Georgiou’s mate, SA’s current finance minister, makes of this sad state of affairs.

I have wondered about that too Julius! I would love to be a fly on the wall of Nic Georgiou’s home wall… can imagine the phone calls to people in “high places” this weekend?! (Which most likely include SA’s current Finance Minister?)

Hes got loads of money somewhere.put him in jail until he talks

Thank you Ryk, great insights. Can SA Investors pursue Nic Georgiou anywhere in the world by making use of Interpol and/or private International investigators to sniff out his hiding places? Based on his claims, assets have been moved, then the 2nd question would be; was this done legally with the approval of the SARB, THIS VOLUME OF FUNDS can’t be moved without a trail. There’s an opportunity here for SA & international law enforcements to demonstrate how much they care about SA people. Alternatively, considering the amount of money involved make use of “informal international enforcers” like the Undzer Shtik to find them ALL (Papa, Mama, Brothers, Sisters, Aunts, Uncles, Nephews & Pets etc). less waffle, quicker action, slightly higher cost but results are guaranteed.

If Georgiou is to ‘poor’ to pay me and Mum what is due to us per the Court Order of late 2019 we’ll be filing a claim with the Law Society of S.A. and all other investors have the same right to claim. Now the Law Society is in for it.

Mr Tito Mboweni – our Finance Minister – show us what you are made of and how your country and its people are important to you and help these people whom you have contact with and input with Accelerate — as this is where all our money is!!!!!!

There is a saying… “the eyes are the window to the soul”

Moneyweb-this is your note to, among others, “commenters”: “While Moneyweb encourages discussion and community engagement on its articles, note that our company, article authors and commentors may be held liable for defamatory comments. Such comments and those showing any discrimination will be deleted and repeat offenders may be banned. There’s a fine line between slander and freedom of speech.” That notwithstanding, you published Rusty Dimeter’s post which contains disgraceful, discriminatory and defamatory content against Greeks and Cypriots. You did not see fit, it seems, to withhold Rusty Dimeter’s post for moderation as you did my response. Why? Obviously you saw nothing untoward in Rusty Dimeter’s post, you considered it not to be slanderous and it met with your editorial approval. I challenge you Moneyweb to publish my response. I signed off my response, as I do this one, as A PROUD GREEK. MY NAME IS COSTA MUTZURIS.

I completely agree with you. Ryk has lost all credibility and is clearly not objective.

Seriously —— Ryk has exposed more than anyone else in this whole debacle trying to assist all those pensioners and their lifelong savings. Show some compassion.

I agree with you Greenways, Ryk has been the only individual (journalist) to have the guts to investigate, document and keep digging and asking questions regarding this ‘shady’ saga.
This for nearly a decade!
Ryk has my utmost respect and gratitude.

Apateonas and Bravado, you are making issues that are off the point…
If you had a problem with Rusty’s post maybe you could have pointed that out to Ryk privately?
You are assuming Ryk is the moderator of the article too.

Apateonas, on what grounds can you make such a definitive statement about Ryk? You are now bordering on defamation yourself.

Vivienne K, if you read my first post you will see that it was in direct reply to Rusty Dimeter’s slanderous utterances and directed at Dimeter himself, not at Ryk. I have no issue with Ryk or with Ryk’s article on Georgiou. I have a serious issue with Dimeter’s post which, as I said in my first post, “contains disgraceful, discriminatory and defamatory content against Greeks and Cypriots” and because Dimeter attributes Georgiou’s activities to all Greeks and Cypriots. My first post was withheld by Moneyweb for moderation, yet Dimeter’s slanderous post was published. I addressed my second post to Moneyweb directly, not to Ryk, on this very issue. My second post was also withheld for moderation. I then called Moneyweb and complained about this to a moderator or a sub-editor. Shortly after my call to Moneyweb, Dimeter’s post was withdrawn (presumably by Moneyweb) and both my posts appeared under the article.

Point taken Bravado!
I see your first comment was published much later…and that you only directed your queries to Moneyweb (not Ryk)
I also apologise for ‘putting you in the same boat” as Apateonas who was the one to make a statement about Ryk.

FSCA to busy chasing shoplifters…grow some balls, you hypocrites!!

End of comments.



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