Court approves seizure of XAF243 bln South African assets in response to judicial liquidation proceedings

Over the past few years, South African bank FNB has seized and auctioned some of the Cameroonian business mogul Baba Danpullo’s properties in South Africa.  According to FNB, the properties are auctioned to settle the debts the business mogul is unable to pay since 2019. Meanwhile, Baba Danpullo rejects the claims qualifying the decisions as spoliation and a racially motivated crusade against his group, Bestinver.  Agreeing with that narrative, a Cameroonian judge authorized him to seize the bank accounts and assets of  MTN, Broadband Telecom of Collins Mukete, Mobile Money Corporation, and Chococam, to recover what he considers as “funds…