Illegal scheme accused in court

LEGAL representatives of three businessmen accused of taking cash deposits from members of the public in an illegal investment scheme will be filing representations to the National Prosecuting Authority (NPA).

The men appeared before magistrate Sabrina Sonnenberg at the Specialised Commercial Court in Bellville. This was their second appearance.

The accused, Christopher Germishuys, Diedricht Brand and Jacobs van Wyk Stone were all executives of Creek Investments Ltd, a property development entity.

It is alleged that from 2010 until 2012, the men, who were directors of the company, contravened the Banks Act 94 of 1990.

Hawks regional spokesperson Lloyd Ramovha said the accused had conspired and solicited deposits of about R1.2 million from seven people, despite their entity not being registered with the Financial Services Board.

“The capital was received and/ or solicited on the basis that the interest thereon would generally be paid at a rate of 15%.

“The effect of the scheme was to create a relationship of debtor and creditor between a particular investor/depositor and the accused, whereby the investor/depositor would be paid interest as specified,” the charge sheet stated.

In court the men appeared calm as they stood in the dock. The defence lawyers – who declined to be named – requested a postponement so that they could file representations.

The lawyers will write a letter to the NPA to state their case.

State advocate Jannie Knipe said the three were out on a warning.

He asked that the postponement also allow time for the State to file a reply.

Sonnenberg postponed the case to March 29.