News Column

Probe needed after new info in fraud case

May 14, 2014

Natasha Prince

Staff Reporter

NEW information received in connection with the King brothers - accused of fraud involving an investment scheme in the Boland - must be investigated before the matter can proceed in court.

Yesterday, Adrian and Stephen King appeared briefly in the dock of the Bellville Specialised Commercial Crime Court where allegations of more offences came to light after the State received documentation from the Masters' office.

The matter, which first appeared on the court roll in 2009, was postponed to July 30 for further investigation.

The King brothers are alleged to have run a property investment scheme from Wellington, promising investors huge returns.

According to reports, investors - including the elderly, pensioners, farmers and business people from Cape Town, Wellington, Riebeek Kasteel, Piketberg, Citrusdal, Porterville, Murraysburg and Mossel Bay - invested almost R600 million in various companies connected to King Financial Holdings.

The group was responsible for large developments including the King's Court in Port Elizabeth and the King's Mall in East London and others across the country. The money was lost when about 51 companies were liquidated.

The brothers are accused of fraud, organised crime and contravention of the Company's Act.

A third King brother, Paul King, 49, a vet, committed suicide in 2009.

Cape Argus

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Source: Cape Argus (South Africa)

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