Absa is up to its old tricks -- again.
Cobus Potgieter probably won’t be the last person to be taken to the cleaners by Absa. But he’s one of the few with the balls to fight back.
He persuaded Absa to provide a loan for the development of 740 plots. To limit Absa’s exposure, he would first have to secure pre-sales of at least R30m, but Absa’s alteration of this figure to R58m led to the collapse of the deal, and subsequently to Absa suing Potgieter.