State scuppers Porritt’s claim

BAIL HEARING: TIGON-ACCUSED NOT POOR, HE’S A R100 MILLION MAN, SAYS DEPONENT

Tigon-accused Gary Porritt is far from poor but is in control of a farming enterprise with assets worth over R100 million, which was probably built on missing investor money, the state alleges in an affidavit.

Porritt and co-accused Sue Bennet are on trial for over 3 000 charges related to Tigon’s 2001 collapse.

Porritt has told the High Court in Johannesburg he has no assets and can’t afford legal representation. The state’s version of what assets he owns directly/indirectly is in an answering affidavit to Porritt’s bail application. The deponent is investigating officer Sandra van Wyk.

The state says the Progressive Systems College Guaranteed Growth (PSCGG), underwritten by Tigon, raised R250 million and after PSCGG and Tigon collapsed, R150 million was missing. Based on a PwC report, Van Wyk alleges R81 million of PSCGG funds were transferred to Awethu Trust and EBN Trading and from there to Brangus Trading, all under Porritt’s control.

His trusts allegedly bought farms in 2002 with PSCGG funds and probably developed them, also with investor funds, Van Wyk alleges. According to Van Wyk, Awethu Trust and EBN Trading made payments to entities including Tigon subsidiaries, Porritt, his wife, father and three law firms.

Van Wyk refutes Porritt’s contention he doesn’t control the trusts and the trusts’ assets were bought lawfully. “It is the state’s contention that accused number one is the controlling mind of the trust structures and has access to these assets.”

Van Wyk says one of these, the Snowdon Trust, owns 8 500 cattle and 8 000 sheep. It conducts the biggest cattle-breeding operation in KwaZulu-Natal. She puts the value of the cattle at between R51 million and R68 million and the sheep between R8 million and R12 million.