The devious doings of the Theodosiou boys. By Gavin Foster
Auctioneer Joff van Reenen surely set a new speed record of sorts when he sold Farm Bothasfontein (Kyalami) (Pty) Ltd, with its historic racetrack, to Porsche South Africa’s Toby Venter in under two minutes on 24 July.
An elaborate scam in which 73 hectares of the most valuable real estate in South Africa slid into the clutches of the infamous Theodosiou brothers had taken a full decade to dismantle, and Nedbank and Imperial Holdings were doubtless relieved to finally scrape the ordure of dealing with the unlikeable mall developers from the soles of their corporate shoes.
For years there have been rumours about the Kyalami hijacking by Pietermaritzburg wheeler-dealer Mike Fogg and his devious Theodosiou sidekicks. Noseweek brings you the closest you are ever likely to get to the facts.