Ayob consents to pay back Mandela
Ismail Ayob has apologised to Nelson Mandela and agreed to pay back more than R700000 that went missing from the former president's trust.
Mandela originally sued Ayob for R2,2million which went missing from his Nelson Mandela Trust.
The money was part of the R18million Mandela raised for his children and grandchildren.
In the Johannesburg high court yesterday, Ayob reached an out of court settlement with Mandela's lawyers. He also retracted the allegations he made that the former president had dodged paying tax.
The clash between Mandela and his former struggle lawyer surfaced in 2005. Then Ayob was accused of selling the former president's expensive art works without his permission.
The lawyer was accused of having used the Nelson Mandela Trust money for his own benefit.
Ayob defended the action and apparently claimed in his responding affidavit that Mandela was aware of how the money was used.
Yesterday he apologised after admitting that the claims contained in his affidavits could be defamatory
The court recorded the apology and Mandela's lawyers accepted it.
Ayob made an undertaking to pay back the R700000 and a further R90 561, which he had paid out to his company, Ismail Ayob Management and Consulting Services.
He undertook to pay the money back by May 31. Ayob also agreed to pay the legal costs.