A more than decade-long fraud and money laundering case against international diamond dealer Sylla Moussa could be nearing its end, with the embattled gem trader filing representations to have the case withdrawn, says a Saturday Star report. Moussa made headlines in 2014 during a legal battle between him and businessman Zunaid Moti. Both were claiming ownership of a pink diamond worth more than $50m (R673m).

Moussa had allegedly signed over the diamond as payment to Moti for an extensive debt, claims which Moussa denied at the time. However, the diamond dealer reportedly told the Saturday Star during his criminal proceedings last week that he had regained ownership of the gem, and that the case against him was deeply flawed.

Moussa is accused of defrauding Absa Bank of more than R40m in 2006 over six weeks using a technique known as ‘kite-flying’ or ‘cheque kiting’.

This involves taking advantage of non-existent funds in a checking account, with cheques used as unauthorised credit. However, on Friday Moussa claimed he had simply failed to pay his overdraft because of a lack of financial liquidity at the time, and that an agreement had already been reached with the bank to pay back R23.5m alongside a further R1m for the bank’s legal fees.

The Saturday Star says it has seen a copy of this agreement. Moussa admitted that while he had paid back the money, R500 000 of the lawyers’ fees he owed was outstanding. At the Gauteng High Court (Johannesburg) on Friday, prosecutor Nerisha Naidoo told the court Moussa had promised to pay the outstanding amount, once funds appeared in his account following his trade of a R10m diamond.

The case was postponed to allow the payment to be made. Moussa insisted that because of the agreement reached, the criminal charges against him would be withdrawn.

Full Saturday Star report (subscription needed)