The Joint Provisional Trustees (JPTs) Sumaya Mohamed Ali and Gert de Wet of BHI Trust, in provisional sequestration, announced they have received consent from the Master of the High Court to appoint legal and forensic experts to protect, preserve and proceed with the recovery of missing funds from the BHI Trust through any permissible legal avenues.
In a statement, the JPTs said this follows Mohamed Ali and De Wet’s receipt of their certificate as Master-appointed JPTs on October 30, 2023, and a follow-up application to extend their powers from mere caretaking of the trust, made on November 2, as per the Insolvency Act.
"With the powers of the JPTs extended by the Master, the JPTs will apply to the Master of the High Court to request and obtain inter alia financial information and bank statements which would otherwise not be available for investigation," the JPTs said.
According to section 152 of the Insolvency Act, the JPTs will request the Master of the High Court to summon various identified individuals, who would possibly shed light on the nature of the dealings of the trust. The inquiry process would further illuminate claims against additional individuals and or legal entities at the heart of the scheme, the JPTs said.
“Our intention for a successful application to the Master of the High Court to proceed with an insolvency inquiry into the financial affairs of the trust, together with the appointments of legal and forensic experts, will enhance our abilities to identify and where applicable to seek appropriate relief from the court in seizing or freezing funds in the hand of third parties. The recovery of funds will be for the benefit of the investors and creditors of the BHI Trust,” said the JPTs.
The BHI Trust made headlines when Cawood Attorneys applied for the trust’s sequestration after its trustee Craig Warriner handed himself over to police on charges of theft and fraud.
The JPTs confirmed that as of October 25, the sum of R4 785 164 was found in the trust’s Nedbank account, and they have requested Nedbank to pay these funds over to BHI Trust’s estate account.
It is alleged that about R3 billion was supposedly taken from clients.
All investors and creditors of the trust can refer to https://www.insolventbhi.com to receive up-to-date information as to the progress of administration of the trust by the JPTs. The prescribed statutory claim forms are also available on the website.
Creditors and shareholders can contact the JPTs exclusively at [email protected]
The return date for the final sequestration of the Trust is set for February 7, 2024.