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