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

By Chris Steyn

Billions of investors’ money are believed to have been lost in South Africa’s latest Ponzi scheme, but only R4 785 164.96 has been found in the BHI Trust’s Nedbank account.

This is according to a statement Issued by Cawood Attorneys, the firm which applied for  the trust’s sequestration.

The application was made after BHI trustee Craig Warriner handed himself over to police on charges of theft and fraud.

In the statement today (Thursday 2 November), Cawood Attorneys says the provisional trustees appointed by the court in the provisional sequestration of the BHI Trust has issued their first circular to investors.  

It adds that Mr Gert Lourens Steyn De Wet and Ms Sumaya Ali Mohamed (JPTs) have confirmed that they have requested Nedbank to pay these funds over to BHI Trust’s estate account.

The Circular notes that the return date for the final sequestration of the Trust is set for 7 February 2024, but gives the assurance 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 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,” the firm says.

“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.”

Meanwhile, 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: 

“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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