The criminal case against Cobus Geldenhuis has been postponed once again, following a request by the defence at the Specialised Commercial Crimes Unit (SCCU) sitting in the Palm Ridge Magistrate’s Court on 26 March.
The matter, which stems from the collapse of Classic Financial Services, had previously been set down for this date after an earlier postponement.
However, proceedings did not advance as scheduled. The defence applied for a formal postponement on the basis that it has now appointed senior counsel to lead the case and to consult with the accused. The newly appointed SC was unavailable because of a prior commitment.
According to information provided to Moonstone, the presiding magistrate initially expressed dissatisfaction with the continued delays in bringing the matter to trial. The Court ultimately granted the postponement after considering submissions that the involvement of senior counsel was necessary to properly prepare the defence.
The case has now been postponed to 14 May.
The interim period will be used for consultations between the newly appointed SC and Geldenhuis, to ensure the matter is trial-ready at the next appearance.
Long-running matter
The criminal proceedings form part of the broader fallout from the collapse of Classic Financial Services, which the Financial Sector Conduct Authority found to have operated as a Ponzi scheme that misused client funds for personal gain.
The scheme is understood to have affected approximately 1 120 investors, with more than R617 million taken in between January 2019 and May 2023. Of this amount, about R129.9m remains unaccounted for.
Geldenhuis faces charges of fraud and/or theft, as well as contraventions of the Banks Act and the Financial Advisory and Intermediary Services Act.
He is currently out on bail of R10 000, with no conditions attached.
He first appeared in court in December 2025, more than four years after the scheme began unravelling, and has since seen multiple postponements as the matter progresses through the criminal justice process.
Parallel liquidation process
The criminal case is unfolding alongside the ongoing liquidation of Classic Financial Services, where efforts to recover funds for creditors continue.
Read: Classic Financial creditors see first dividend, just over 6%
By January, liquidators had recovered approximately R41.4m for the estate. However, just over R20m of this was available for distribution, translating into an initial dividend of slightly above 6% to proven creditors.
The balance – amounting to more than R21.3m – had been absorbed by costs associated with administering the complex estate. Legal fees accounted for the largest portion of this, at roughly R11.9m, reflecting extensive recovery litigation and related proceedings. Liquidators’ remuneration, calculated according to the prescribed tariff, totalled about R4.76m (including VAT), with additional expenses incurred for advocate fees and other administrative costs.
Although this represents only a fraction of total claims, attorneys have emphasised that the first liquidation and distribution account reflects an interim position. Further recoveries, including ongoing litigation, asset realisation, and potential cost recoveries from related estates, are expected to improve the eventual outcome for creditors.
