BHI Ponzi: Cawood Attorneys media release

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BHI Trust Update: Only R4 785 164.96 in the Trust’s Nedbank Account

Issued by Cawood Attorneys

Pretoria, 2 November 2023 – Media are advised that the Provisional Trustees appointed by the court in the provisional sequestration of the BHI Trust, have issued their first circular to investors.  Mr Gert Lourens Steyn De Wet and Ms Sumaya Ali Mohamed (JPTs) have confirmed that as at 25 October 2023, the sum of R4 785 164.96 was found in the Trust’s Nedbank bank account, and they have requested Nedbank to pay these funds over to BHI Trust’s estate account.

The Circular details that the return date for the final sequestration of the Trust is set for 7 February 2024, but is at pains to point out that this does not hamper the JPTs in the recovery of assets and or funds, which vest in the Trust by way of various provisions entrenched in the Insolvency Act 24 of 1936 (the Act) to the advantage of the investors and the concursus creditorum (general body or creditors).   

The provisional trustees have advised claimants to submit their original claim affidavits in writing before 25 January 2024.

Reinforcing Cawood Attorneys’, who brought the provisional insolvency application, statement earlier this week, the JPTs in this circular have reiterated that their appointment is in its infancy as is the formal investigation. Media and claimants will be provided with the facts as they emerge.

As also previously stated by Cawood Attorneys, because the Trust and at least one of the Trustees, Craig Warriner, are also the subject of a Financial Sector Conduct Authority (FSCA) and National Prosecution Authority (NPA) exploration, the administration of the insolvent estate of the trust could also be subject to various other legislation associated with the financial sector.

The Trustees, to assure transparency and ease of communication with all registered investors and creditors, and to capture all the claims, have established a designated website for all circulars and updates pertaining to the Trust, which is: – for all media enquiries, please continue to liaise directly with Kaz Henderson at Networx PR on [email protected]

In respect of investor claims, the original claim form must be accompanied by the last statement received from the investor’s broker, as the claim amount is limited to the amount due and payable to the creditor as of 24 October 2023 and can be substantiated by way of documentary evidence.

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