Former Kaizer Chiefs legend Katsande, who retired at the end of the 2021/2022 season, is grappling with severe financial troubles.
According to an exclusive report by City Press, Katsande has allegedly failed to meet his monthly installments of R18,000 to Liberty Group, a subsidiary of Standard Bank, since June 2022.
The financial institution has successfully obtained a default judgment against Katsande and is now actively pursuing repossession of his upscale house located in the prestigious Featherbrooke Estate in Krugersdorp, west of Johannesburg. The report discloses that Katsande owes a staggering R1.8 million to Liberty Group, encompassing the outstanding balance, interest, and legal fees.
In a decisive move, the company instructed the sheriff of the court to attach and sell Katsande’s property as a means to recover the substantial debt.
Katsande, who is currently serving as the ambassador for Dstv Premiership side Sekhukhune United, is not just a football icon but also a savvy businessman and a fashion enthusiast. The former footballer runs a successful clothing line known as “Boss Ya Mboka Kitoko Makasi,” translating to “Boss of the Country, Beautiful and Strong” in Lingala, a language spoken in the Democratic Republic of Congo, the birthplace of his parents.
Despite his post-football career success, this is not the first time Katsande has found himself entangled in legal troubles. In June 2022, he dropped charges against a man involved in a road rage incident in Roodepoort in August 2021. The alleged assailant, Jacobus Koekemoer, reportedly settled the matter out of court by paying Katsande a substantial sum of R60,000.
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Adding to Katsande’s woes, it has been reported that his second home in Johannesburg, situated in the Eagle Canyon Golf Estate in Honeydew, faced auction proceedings by the bank in July 2023. The house, valued at a significant R3.5 million, boasted five bedrooms, four bathrooms, and various luxurious amenities, including a lounge, dining room, kitchen, scullery, study, guest toilet, patio, pool, garden, and a double garage.
As the saga unfolds, Katsande’s financial predicament raises questions about the challenges faced by former sports stars in managing their post-retirement finances.
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