RMB, former investment banker in bitter battle
Fred Arijs, a former investment banker and one-time Belgian honorary consul in the Eastern Cape, has accused RMB and several senior bank executives of taking him to the cleaners, in a calculated scheme to defraud him and his business partners in two property deals gone horribly wrong, says a Moneyweb report.
In November last year the companies in which Arijs was involved issued summons against RMB and several executives with some startling allegations.
According to Arijs’ attorney, the bank this week sequestrated Arijs in the Western Cape High Court to reclaim sureties of R4.5m.
Arijs and his partners say they have spent close to R9m in legal fees fighting the case over the years – and they’re not giving up, despite Arijs’ sequestration.
Moneyweb notes Arijs says once he started investigating how the property deal went wrong, he immediately recognised the outlines of a fraudulent scheme intended to line the pockets of the bank at his expense.
RMB has denied Arijs’ allegations and says it pulled out of the property deal for purely commercial reasons.
The bank has not filed its reply to Arijs’ claims.
The case dates back several years, with multiple court actions proceeding simultaneously.
Article disclaimer: While we have made every effort to ensure the accuracy of this article, it is not intended to provide final legal advice as facts and situations will differ from case to case, and therefore specific legal advice should be sought with a lawyer.
