Lawyer admits to blowing looted cash

Law firm Fluxmans claims its former director Solomon Slom (81) admitted to stealing millions from a client's escrow account – and said it was forced to sequestrate Slom to stop him from blowing the cash he has left.

Louis Liebenberg’s lawyer detained

The attorney of controversial diamond trader Louis Liebenberg spent the weekend in police cells for failure to comply with an order by an insolvency inquiry commissioner, Netwerk24 reports.

R178m Investec loan: Singh siblings arrested

Rushil and Nishani Singh yesterday appeared in the Specialised Commercial Crimes Court in Palm Ridge on charges of uttering, forgery and fraud in connection with falsified bank guarantees supplied to Investec Bank to secure a R178m loan.

Pyramid accused's estate provisionally sequestrated

The estate of a woman linked to what is said to be SA’s biggest pyramid scheme has been placed in provisional sequestration by the Gauteng High Court (Johannesburg). This follows the Prudential Authority investigating the business practices of Travel Venture International and/or TVI Express and/or related persons commonly known as the ‘TVI Schemes’, which marketed the sale of travel vouchers that allegedly gave recipients substantial discounts for international travel and accommodation.

Master's Office suspensions over Bosasa saga

The Department of Justice & Constitutional Development’s ongoing clean-up campaign in the Master’s Office, which was started in 2020 after a proclamation, continues to expose deep-rooted corruption involving some of its suspended senior officials.

Ownership of Bushiri’s luxurious properties transferred

As the City of Johannesburg metro intensifies efforts to recoup more than R10m owed by fugitive Malawian pastor Shepherd Bushiri in unpaid taxes and levies, the Enlightened Christian Gathering (ECG) has transferred the ownership of his luxury hotel in Rustenburg in North West.

VBS liquidators recover R159m

The liquidation team of the defunct VBS Mutual Bank has recovered R159m to date, way off the R2bn siphoned from the bank.

Mpofu admits VBS funded EFF

Former EFF chairperson, Advocate Dali Mpofu SC, has conceded that his party had received a ‘donation’ from the now collapsed VBS bank that left scores of poor people defrauded in 2018.

Turmoil in Master's Office addressed

The rot at the Master's Office – the custodian of liquidations and the administration of the Guardian's Fund, among other things – is ‘worse than anyone thought’.

AutoZone enters business rescue

Automotive parts retailer and wholesaler AutoZone has voluntarily entered business rescue. The decision followed a resolution taken by the AutoZone Holdings board of directors last week.

Liebenberg ‘gambled away R144m’

Liquidators of the company Tariomix are asking the Gauteng High Court (Pretoria) to sequestrate alleged Ponzi boss Louis Liebenberg for the R156m owed to the insolvent company.

SCA clarifies ‘final’ sequestration order meaning

Eamonn Courtney – who started a company using Public Investment Company (PIC) funds – has lost his appeal in the SCA against personal sequestration.

Counting the cost of collapsed Bitcoin Ponzi scheme

A recent court filing by auditor Jan Dekker provides an update on what has happened to the roughly R1.1bn in Bitcoin that was recovered by liquidators and sold in SA in 2021.

Pretoria firm seeks Bushiri settlement

As the financial woes mount for fugitive pastor Shepherd Bushiri, a Pretoria-based company has joined the long queue of entities seeking to liquidate the Shepherd Bushiri Ministries to recoup more than R1m he owes.

Damelin, City Varsity move closer to liquidation

The Leo Chetty Group – the owner of private higher education institutions Damelin, City Varsity, Icesa and Lyceum College – is closer to being liquidated.

Classical Financial Services One case leads to sequestrations

The son and former wife of failed Classical Financial Services One head Cobus Geldenhuis have been sequestrated, the latest dominoes to fall in an investment scam reckoned to have roped in close to R800m.

Investors count the cost of dealing with BHI

Although Craig Warriner confessed that he ran BHI Trust as a Ponzi scheme and was recently sentenced to 25 years in prison, the Smith family is still counting the cost after being encouraged to invest in what they believed was a legitimate investment by a family member.

Nedbank wants to liquidate Damelin owner

Nedbank has launched a bid to liquidate the Leo Chetty Group – the owner of embattled private higher education institutions Damelin, CityVarsity, Icesa and Lyceum College – dealing a further blow to the group after the entities were deregistered by the government in March.

Gupta associate unable to block final sequestration

The final sequestration of Gupta associate Eric Wood by the Transnet Second Defined Benefit Fund, after he was accused of siphoning millions of rand from the entity, is edging closer after he lost his appeal.

Nonprofits linked to dodgy pastor shut down

Two nonprofit religious organisations linked to Nigerian mega pastor and televangelist Joshua Iginla have been placed into provisional liquidation as investigators seek to recover funds from a R650m pyramid scheme.