BUSINESS NEWS
Saambou trio on trial next year
Posted Wed, 30 Nov 2005
Three men facing charges involving some R640-million in relation to the collapse of Saambou Bank are to stand trial next year.
The case against Gerhardus de Clercq, Johan Myburgh and Charles Edwards was postponed in the Pretoria Regional Court on Tuesday to the High Court for trial.
The trial dates have been set down as June 12-25 and July 31 to August 25.
The State served a final charge sheet on the men in the morning. The three face ten charges of fraud each, one of theft and two of contravening the Companies Act.
They stand accused of preventing information on the failing financial status of Saambou Bank and Saambou Holdings being disclosed to shareholders, depositors and investors.
They allegedly deceived stakeholders in order to retain their confidence, continue attracting investments and prevent share-prices from falling.
Disclosing weak financial results would depress the share-price and weaken the men's own financial
position, the charge sheet states.
The men were company shareholders and received annual bonuses linked to the performance of the share-price. The three are out on R50 000 bail each.
De Clercq was general manager of Saambou Holdings group finance and later of strategic alliances. Myburgh and Edwards were both executive directors of Saambou Holdings and of Saambou Bank.
The men have indicated their intention to plead not guilty.
Sapa
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