Phakaaathi Reporter
Football writer
1 minute read
18 Dec 2017
10:45 am

Former Dynamos boss loses millions in bogus deal

Phakaaathi Reporter

Pat Malabela was conned out of more than R3 million rand in a business deal that never materialised.

Malabela is said to have agreed to a partnership deal in a security company with the alleged fraudster, who had contract documents allegedly endorsed by Standard Bank.

Malabela agreed to invest money into the business which would see him own 60% of it.

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In a police statement, the former Dynamos owner said he bought 17 LDVs and branded them and upgraded a security control centre and gave the accused R150 000 in cash to pay for uniforms, but he never did.

“I don’t want to jeopardise the investigations and court processes,” Malabela told SundayWorld when he called to comment on the story.