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Johannesburg - A South African accused of spearheading one of the country's biggest corporate frauds said on Saturday he would not return from Australia, where he now lives, and refused to sell assets to pay investors.
Businessman Barry Tannenbaum, who has been accused of fleecing investors of as much as $1.2bn, denied reports he had spirited a fortune out of the country and said he was not "sitting with millions". He has denied wrongdoing.
"I have no intention of leaving Australia, I have no intention of disposing of whatever assets I possess," Tannenbaum said in a statement emailed to Reuters.
"I state categorically that I am not sitting with millions. I have not amassed some fortune that I have spirited away."
Lawyers and investigators have said Tannenbaum lured hundreds of investors, including top businessmen, with the promise of annual returns as high as 200% linked to pharmaceutical imports.
Tannenbaum has denied wrongdoing and blamed his company's difficulties on the economic crisis.
Ian Levitt, representing investors who put about R400m into Tannenbaum's operation, said on Friday he had secured a temporary court order a week ago for the seizure of the businessman's assets in South Africa.
Levitt said criminal charges would be laid and legal action would be taken in Australia to freeze Tannenbaum's assets there.
- Reuters