A Durban North chartered accountant is facing sequestration and his affairs are being probed by the police following allegations that he has stolen money from clients through “rolling funds”.
Antony Marais has shut down his Ennisdale Drive offices and, according to affidavits in the Durban High Court, owes at least two clients about R1 million.
One, an elderly man who says he is owed more than R800 000, has obtained judgment against Marais.
The other, a wealthy businessman, has applied for his sequestration – an application Marais did not oppose and which was provisionally granted by Judge Jaqui Henriques last week.
Marais’s company website says he started the business in 2005 and has experience in auditing.
It says that the business offers, among its services, taxation, auditing, accounting and bookkeeping.
“We aim to provide a professional service to clients, whilst still maintaining a personal touch,” it says.
In his affidavit, Normal Baggaley alleges that Marais, who lives in Hillcrest, has misappropriated R225 000 from him.
Baggaley, who owns a holiday letting business and has an interest in a game lodge, said Marais had told him he was a registered chartered accountant and auditor.
He said he had bought Amorello Game Lodge in mid-2007 and Marais had become involved in its accounting structures.
“Substantial sums of money were required for the development and it made business sense to utilise Marais’s trust account for various transactions because, as my auditor, he would also be able to verify the transactions for audit purposes,” he said.
In September, he asked Marais to pay over R225 000 being held in his trust account.
But after making several excuses, Marais admitted he had used the money for something else, that he was in financial difficulty and that he could not pay him.
Baggaley and his lawyer John Lister, met Marais in December, when he admitted that he was not properly registered and could not sign off on balance sheets.
Vacate
Baggaley said Marais had promised he would re-register.
He signed a document acknowledging the R225 000 debt and said he hoped soon to get about R6m through his interest in a company selling locally developed off-road vehicles.
In January they met again. Marais said if he had not come up with the money in two days, Baggaley could take his computers and furniture.
He also said he would move out of his offices so that Baggaley could let them.
When Baggaley tried to remove the furniture two days later, Marais “physically prevented” him from doing so.
Baggaley said he had then become aware that Artur Pimenta, 86, of Garden Grove retirement village, had obtained judgment against Marais and that criminal charges had been laid against the accountant.
“I was contacted by Captain Dean Misra of the Hawks, who asked me to make a statement regarding payment of R250 000 which had been made to me, allegedly from money which Marais was holding on behalf of Pimenta,” Baggaley said.
“From this, I have reason to believe that he has been rolling his clients’ funds, and borrowing from Peter to pay Paul.
“Given his adverse financial circumstances, which he confirmed to me, it is not beyond the realms of possibility that Pimenta and myself are not the only clients who have been affected in this manner.”
Baggaley submitted that it would be to the benefit of creditors if Marais was sequestrated and his estate probed to establish where the money had gone.
A property and company search shows that Marais is a member of several close corporations and companies, some of which are being registered.
In obtaining a default judgment against Marais, Pimenta alleged that he had given him almost R700 000 in March 2009 to be invested.
In January last year, Marais informed him the account now stood at R810 000 with interest.
In spite of demands for its release, the money was not paid to him.
Pimenta’s attorney, Alan Cohen, said that attempts to execute the judgment had been unsuccessful.
Marais has until April 26 to submit papers giving reasons why he believes he should not be finally sequestrated. - The Mercury