Master accepts R1.5bn in creditor claims in BHI Trust scam
The joint trustees’ attorneys are sending letters demanding repayment from creditors who received over R300m in preferential payments in the six months before sequestration.
Clients whose financial habits have been moulded by sound advice over many years are unlikely to act irresponsibly now, says Fairbairn’s Guy Holwill.
Read moreThe joint trustees’ attorneys are sending letters demanding repayment from creditors who received over R300m in preferential payments in the six months before sequestration.
The Hawks have indicated that further arrests are likely in the wake of the apprehension of Rubicon director Sona Pillay and Global & Local founder Michael Haldane.
The recent plea deal resulting in a 25-year prison sentence for Craig Warriner is under scrutiny for allegedly failing to serve the interests of justice and providing minimal benefit to the State beyond administrative closure.
The suspension of Global & Local’s licence relates to its relationship with BHI Trust, the FSCA confirms.
As creditors await repayment totalling nearly R2bn, preliminary investigations by the joint trustees point to potential asset recoveries totalling just over R414 million.
The trustees advise ‘that a contribution will currently be levied against creditors until such time that sufficient recoveries are made for the benefit of creditors’.
Evidence uncovered by BHI Trust’s joint provisional trustees shows the flow of funds from the trust to Craig Warriner.
The FSCA also confirms that one FSP licence has been provisionally suspended as part of its investigation into advisers who may have referred clients to BHI Trust.
Numerous individuals have been subpoenaed to appear before the Master of the High Court, to be questioned about the affairs of the sequestrated trust.