Brothers face fraud charges of R600mComment on this story
Cape Town - Two brothers charged with fraud involving an investment scheme in Wellington involving more than R600 million are to face more charges, the Bellville Commercial Crimes Court heard on Wednesday.
Adrian and Stephen King are alleged to have run a property investment scheme from Wellington, promising investors huge returns.
A third King brother, Paul King, 49, committed suicide in 2009.
Investors included the elderly, pensioners, farmers and business people from Cape Town, Wellington, Riebeek Kasteel, Piketberg, Citrusdal, Porterville, Murraysburg and Mossel Bay.
According to the charge sheet, the King Group of Companies consisted of King Financial Holdings, King Financial Services, Edrei Investments, Kingvest, Storage Spot and King Health Holdings.
The group of companies was run from the same premises and was responsible for large developments including King’s Court in Port Elizabeth and the King’s Mall in East London, as well as 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 Companies Act.
On Wednesday, State advocate Derrick Vogel told the court that more charges had been added to the charge sheet.
The duo’s advocate failed to appear for the third time, prompting magistrate Sabrina Sonnenberg to postpone the matter for a third and final time.
The matter was postponed to September 8.