Albert Venter, the brains behind the ‘new car for only R699 per month’ scheme, is losing his Pretoria house after Standard Bank obtained judgment of R7.8m against him. According to a report in Rapport the property is up for sale. The scheme left thousands of motorists with problems when advertising revenue for advertisements placed on the cars was not forthcoming.

In 2014, Venter threatened to sue WesBank for R20bn after its chief executive, Chris de Kok, said the scheme ‘has the trademarks of a Ponzi scheme’. Other vehicle finance houses followed suit and 24 171 car owners who owed R2.8m to Nedbank, Absa and Standard Bank received demands for payments. Venter said he had abandoned litigation on legal advice.

Full report in Rapport (subscription needed)