Tbo Touch Caught Up In R11m Loan Drama

Tbo Touch is in hot water if reports from this weekend's Sunday papers are to be believed. According to Sunday World, the media mogul is in trouble after "mismanaging" a loan of around R11 million and his lenders are demanding the money back.

The paper went public with a damning report about how Tbo Touch obtained an R11 million loan from the Industrial Development Corporation  (IDC) in order to start up his online radio platform, Touch HD. The station has certainly made a big splash in South Africa since its inception but behind the scenes, Tbo Touch has reportedly been failing to make the necessary loan repayments.

According to Sunday World, Tbo Touch was meant to pay back a number of loans over the course of three years but had fallen into arrears when he failed to meet his commitments. And now, in a bid to recover as much of the loan as possible, IDC has issued a court order against Tbo Touch, accusing him of mismanaging the funds they loaned him.

If they are successful in recovering these funds, they will also have the right to auction off Touch HD's assets, bringing the station's short-lived tenure in South African radio to a close.

This is not the first time that Touch HD's financial future has come into disrepute this year. Back in February 2019, it was alleged that the online radio station was on the verge of liquidation.

However, at the time Tbo Touch laughed off those rumours but he has been notably silent after these latest reports.

Meanwhile, fans on Twitter have expressed their disappointment at the fact that dozens of black professionals are denied business loans by the IDC, but Tbo Touch and Minnie Dlamini (who received R10 million to create her new skincare brand) appear to receive large advances by the developmental firm with no qualms.

Do you believe that Tbo Touch will be able to resolve this and keep Touch HD afloat in the near future?

Read Next: Remember the time Tbo Touch tried to inspire us and failed?

Image Credit: www.Instagram.com/IAmTboTouch

Written by:
Tinashe Venge