Legal Articles and Guides
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.
Opulent lifestyle of graft suspects unpacked
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
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
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
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
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
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
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
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
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
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.
