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Realcor investors open criminal case

Publish date: 03 August 2011
Issue Number: 2852
Diary: Legalbrief Today
Category: General

A group of concerned investors in the Realcor group have instituted a criminal investigation as they believe a maximum of R300m of their invested R600m was spent on construction of the Radisson Blu hotel in Bloubergstrand.

According to a report in Die Burger, the investors fear that their money was used to pay interest and dividends to other investors. The investors' forum, headed by Staal Burger, laid a charge of fraud at the Bellville police station. The investors now back the company rescue plan of Gauteng businessman Rayhaan Hassim, which has been submitted to the Western Cape High Court. The Registrar of Banks has since indicated it opposes the application. Full report in Die Burger