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Gupta associate unable to block final sequestration

By Daily News Published on Monday, 20 May 2024
Tags: #Insolvency Law #Litigation
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

By Daily News Published on Thursday, 16 May 2024
Tags: #Insolvency Law
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.

Opulent lifestyle of graft suspects unpacked

By Daily News Published on Tuesday, 14 May 2024
Tags: #Insolvency Law #Litigation
Rushil and Nishani Singh blew more than R120m on ultra-rare cars, spending cash loaned from Investec Bank and meant for road construction projects in Ghana, to assemble a fleet of luxury cars.

Bid to deny fees to business rescuer fails

By Daily News Published on Monday, 29 April 2024
Tags: #Business & Industry Law #Insolvency Law #Litigation
Business rescue practitioner (BRP) Herman Bester has successfully defended a court bid to forfeit his fees. The Western Cape High Court found that there was no basis for the claims of gross negligence.

MTI mastermind dies in Brazil

By Daily News Published on Friday, 26 April 2024
Tags: #Criminal Law #Insolvency Law #Litigation
The mastermind of what has been described as one of the largest crypto fraud schemes in the world, Mirror Trading International (MTI), has reportedly died in Brazil.

Tariomax liquidators behind Liebenberg raids

By Daily News Published on Thursday, 25 April 2024
Tags: #Insolvency Law #Litigation
A sheriff swooped on Louis Liebenberg's house in Cape Town to attach assets including chairs and a fridge, just days after the diamond dealer launched his bid for Parliament.

BHI Trust claims top R1.64bn

By Daily News Published on Wednesday, 17 April 2024
Tags: #Banking & Finance Law #Insolvency Law #Litigation
Claims against the BHI Trust have topped R1.64bn and the figure is growing as court-appointed trustees try to unravel what police believe was an elaborate Ponzi scheme run by Craig Warriner, a St Stithians College old boy who worked his former school network with stunning effect, reports The Citizen.

MTI investors angered by bitcoin repayment demand

By Daily News Published on Wednesday, 03 April 2024
Tags: #Insolvency Law #Litigation
Liquidators for the insolvent estate of MTI, the bitcoin Ponzi scheme that came crashing down in 2020, have sent out thousands of letters of demand to investors who withdrew funds from the scheme, demanding they repay either the bitcoin or the rand equivalent – but at today’s prices.

End of the road for Habib Overseas Bank

By Daily News Published on Wednesday, 13 March 2024
Tags: #Banking & Finance Law #Insolvency Law
The embattled Habib Overseas Bank has been liquidated a year after the National Treasury placed it under curatorship over governance issues which included allegations that it flagrantly breached SA’s exchange control rules and facilitated money laundering activities.

Afristrat abandons voluntary liquidation bid

By Daily News Published on Wednesday, 13 March 2024
Tags: #Insolvency Law #Litigation
The board of Afristrat Investment Holdings, the suspended JSE-listed company in which investors invested R2.3bn in preference shares, has been forced to abandon its planned voluntary liquidation application for now, reports Moneyweb.

Former Luxe CEO fined R7.5m

By Daily News Published on Thursday, 07 March 2024
Tags: #Insolvency Law #Litigation
The JSE has fined former Luxe CEO Helena Grewar R7.5m for selling shares in a closed period, noting that she did not co-operate with its investigation and ‘obstructed’ the JSE's regulatory process, reports BusinessLIVE.

Ousted king’s lawyer must repay R6.5m

By Daily News Published on Tuesday, 05 March 2024
Tags: #Insolvency Law #Litigation
Paul Makhavhu, dethroned Vhavenda king Toni Mphephu-Ramabulana's legal adviser, must pay the joint liquidators of VBS Mutual Bank’s majority shareholder, Vele Investments, almost R6.5m he irregularly received in unjustified enrichment.

Liquidator secures win in VBS battle

By Daily News Published on Monday, 04 March 2024
Tags: #Insolvency Law #Litigation
VBS Mutual Bank liquidator Anooshkumar Rooplal scored another major victory against companies that had banking facilities and received millions of rand from the now defunct financial institution.

Pick n Pay franchisee loses appeal bid

By Daily News Published on Thursday, 29 February 2024
Tags: #Insolvency Law #Litigation
A deeply indebted Pick n Pay franchisee has been dealt a decisive legal blow in his battle against the retail giant. Pick n Pay has now moved to have the franchisee's businesses liquidated.

Bitcoin investors address demands for repayment

By Daily News Published on Wednesday, 14 February 2024
Tags: #Insolvency Law #Litigation
Mirror Trading International (MTI) investors are fighting back against demands from the liquidators that any bitcoin withdrawn from the Ponzi scheme be repaid at today’s prices.

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