Kanu in financial chaos - To pay N689m overdraft on house, cars seized

Sunday, April 13, 2008
SUPER Eagles of Nigeria’s captain, Nwankwo Kanu has had three flash cars seized by bailiffs acting for the taxman.



Kanu’s mansion valued at N689m
Photo - Courtesy The Sun.co.uk




advertisement



And the striker, whose goal put Premiership side Portsmouth into next month’s FA Cup final, has until August 31 to pay off a £2.8million overdraft or his mansion could be repossessed.



A Mercedes and two Audis were up for auction on Thursday and a £170,000 Ferrari may also be seized from 31-year-old Kanu – who is paid £45,000 a week.



The auction price of the Mercedes, which cost him £25,000, was £8,300 – while the Audis, bought for a total of £50,000, were on offer at £19,100. A spokesman for Plaistow Auctions, East London, said: “Only one of the sales actually went through. The two unsold cars may go for auction again.”



Details of the Nigerian international’s chaotic money management are contained in a High Court writ issued by the Royal Bank of Scotland. The ex-Arsenal player was granted a ten-year overdraft of £2.8million in September 2004 to buy the mansion on an acre of land in Barnet, North London.



He agreed to put his net monthly income into his One account, pay £280,000 a year to reduce the overdraft and take out buildings insurance worth £2.8million (N689m).



But the RBS claimed he breached the mortgage deal by failing to keep the property in good condition or properly insured.



He also neglected to pay his monthly income into his bank account and exceeded his overdraft by £92,844.49 in September 2005. On July 27, 2005, the bank demanded repayment of £2,885,353.39.



On March 28 a judge ordered Kanu to make a £100,000 downpayment. He must pay his entire debt by August, or the bank can reactivate its claim on the house, now valued at £4million.



On Friday night, Kanu’s lawyer insisted the bank issue had been “resolved to their mutual satisfaction”. And he said a High Court injunction prevented the sale of any of the cars.
http://odili.net/news/source/2008/apr/13/602.html

This would be best in the ''Sport section'' The ''Move Topic'' button is right there below
Or what u think? . . .just a suggestion

just one weeks wage is enough to pay for a personal accountant/financial guru or whatyoucall them?

i wonder why their agent if they have any don't help them

guess the move to UAE is near

He should move to the UAE like Cannavaro.

Old news, make una dey check date before una respond to thread haba.