Ponzi scheme case postponed to November
The Bellville Commercial Crime Court has postponed the case against Colin Davids, the pastor accused of running a multimillion-rand Ponzi scheme, to 29 November.
A Cape Times report says Davids, of the New Directions Church in Parow, ran a company called Platinum Forex cc.
He appeared in court with co-accused Derek Bredekamp, who was arrested in 2018 by the Hawks for colluding with Davids.
Bredekamp worked as Platinum Forex’s marketing manager.
The two stand charged with 100 counts of fraud, a count of money laundering, a count of Contravention of Financial Advisory and Intermediary Services Act, and a count of the Contravention of the Banks Act.
The case goes back to 2015 when the Western Cape High Court granted the provincial NPA’s Asset Forfeiture Unit (AFU) an order freezing R138m in assets belonging to Platinum Forex and Davids.
In affidavits filed in court, the AFU presented evidence that Platinum Forex unlawfully collected more than R100m in forex.
In April 2017, Davids lost the first round of the case in court after a judge ordered that R100m in funds be handed back to his investors.
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.
