Cosmo Homes – 23 Auctioned to 1 man

• All the properties were mortgaged by the same bank
• None was sold at market value.
• Re-sale at market value
Cosmo City Chronicle can now reveal the shocking interim results of the ongoing investigation on the Sheriff’s office in Krugersdorp. During the recession of 2008 – 2010 the Sheriff’s office in Krugersdorp auctioned 23 Cosmo City Homes to one man. Some houses were auctioned to him in as little as 7 days apart.
On no more than three occasions this man, one of the so called investors, was able to purchase 2 properties within 7 days, and in another month 2 properties again within 14 days and 2 more within 20 days apart. Currently he has more than 18 houses in Cosmo City and last year he sold 3. At one time he had three houses within the same street. Not one of those houses were purchased at market value – they all averaged at R300K and they are scarted in all the bonded sections of Cosmo City.
In its investigation the Cosmo City Chronicle wanted to find out how many houses were sold in execution during that recession period. The then Sheriff passed on in 2012 and the current acting Sheriff refused to divulge the number of houses sold during that period and those sold under her watch. Our investor is said to have actually have purchased over 40 houses and the the Sheriff says she does not know about all that. “we have files and when a property is sold close the file and we are allowed to destroy files” was of the many defying responses that came from the office of the Sheriff. Asked why they destroy files within 3 years shes they are ‘allowed’. Although Sheriffs operate as private businesses they are still an organ of the justice system and they ought to have a public record that can be scrutinized. The refusal by the Sheriff to give us the number of houses sold saying that they do not keep a record of those, when in fact the properties form their primary commodity for revenue generation, is worrisome.
The investigation also revealed that many houses purchased for a song on these auctions are re-sold to waiting customers as if sold per order. “There are some of these foreign nationals who have cash and they just buy” said one source. Onother of the investors is said to have purchased over 60 Cosmo City houses and again the Sheriff conveniently refuses to give substaintial answers as to whether this is true or not. She however at some point conceded that “bad things” happened there (Krugersdorp Sheriff’s office). When she was appointed as the acting Sheriff, beating one of the contestants who was the accountant then, she seemingly continued with the auctions as if nothing was wrong.
It appears there was collusion from some bank officials, the Sheriff’s office and these investors. Independent investigations are now under way by some institutions that fight against corruption including cosatu seeing that Cosmo City Houses were build by a consortium of companies that included their own; Kopano keMatla”.