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Cape Town - Ernst Coetzee, one of the masterminds behind the Masterbond case, was again arrested on Thursday.
Coetzee, who served a prison sentence after being found guilty on 188 charges in the Masterbond case in the 1990s, was one of the managers of 1Mobile, which was started in 2009 and is currently being investigated.
Other Coetzee-related companies include Phoenix Diamonds and Platfields.
On June 26, during an enquiry on behalf of liquidators in relation to the affairs of airtime business 1Mobile, Coetzee admitted to committing fraud and tax evasion. About R84m had apparently gone through 1Mobile’s bank account.
The enquiry was funded by 1Mobile creditors, because the estate did not have available funds.
According to information received by legal firm Assheton-Smith, his bail hearing will be held on Friday.
Craig Assheton-Smith, who has been conducting the enquiry for the liquidators in relation to the affairs of 1Mobile, and who has interrogated Coetzee, confirmed that the liquidators had not yet laid charges against Coetzee.
“Regardless of any criminal charges that Coetzee faces, the enquiry will still continue,” said Assheton-Smith.
Almost 100 investors invested money with 1Mobile for the purchasing of terminals from which one would be able to purchase cellphone airtime.
The concept was that investors would pay R6 000 per terminal, which would be installed, managed and maintained by 1Mobile.
During questioning by attorney Assheton-Smith, Coetzee admitted that the company financed various payments to fund his lifestyle.
Examples included payments connected to Coetzee’s wife and son’s motor vehicles, their cellphone contracts, DStv and groceries. He also admitted that he had not paid any tax on the aforesaid payments.
“Coetzee further admitted that 1Mobile also paid for the rental of a farm near Franschhoek (where Coetzee and his family lived) but that these payments were in arrears, because of the fact that the company went into liquidation,” said Assheton-Smith.
Assheton-Smith questioned Coetzee about whether any of the promises made to one of the investors, Theo Oosthysen, were fulfilled by the company. Coetzee admitted that not all the monies Oosthysen had invested were allocated for buying terminals.
- Fin24
Coetzee, who served a prison sentence after being found guilty on 188 charges in the Masterbond case in the 1990s, was one of the managers of 1Mobile, which was started in 2009 and is currently being investigated.
Other Coetzee-related companies include Phoenix Diamonds and Platfields.
On June 26, during an enquiry on behalf of liquidators in relation to the affairs of airtime business 1Mobile, Coetzee admitted to committing fraud and tax evasion. About R84m had apparently gone through 1Mobile’s bank account.
The enquiry was funded by 1Mobile creditors, because the estate did not have available funds.
According to information received by legal firm Assheton-Smith, his bail hearing will be held on Friday.
Craig Assheton-Smith, who has been conducting the enquiry for the liquidators in relation to the affairs of 1Mobile, and who has interrogated Coetzee, confirmed that the liquidators had not yet laid charges against Coetzee.
“Regardless of any criminal charges that Coetzee faces, the enquiry will still continue,” said Assheton-Smith.
Almost 100 investors invested money with 1Mobile for the purchasing of terminals from which one would be able to purchase cellphone airtime.
The concept was that investors would pay R6 000 per terminal, which would be installed, managed and maintained by 1Mobile.
During questioning by attorney Assheton-Smith, Coetzee admitted that the company financed various payments to fund his lifestyle.
Examples included payments connected to Coetzee’s wife and son’s motor vehicles, their cellphone contracts, DStv and groceries. He also admitted that he had not paid any tax on the aforesaid payments.
“Coetzee further admitted that 1Mobile also paid for the rental of a farm near Franschhoek (where Coetzee and his family lived) but that these payments were in arrears, because of the fact that the company went into liquidation,” said Assheton-Smith.
Assheton-Smith questioned Coetzee about whether any of the promises made to one of the investors, Theo Oosthysen, were fulfilled by the company. Coetzee admitted that not all the monies Oosthysen had invested were allocated for buying terminals.
- Fin24
