BUSINESS NEWS
Tigon case postponed
Posted Tue, 24 Jan 2006
The hearing of fraud charges against Tigon Limited's chief executive officer and an employee was postponed until August in the Johannesburg High Court on Monday.
Gary Porritt and Susan Hillary Bennett would remain out on bail
until their next court appearance on August 10 and 11. A trial date
had not yet been set, said court roll planner Zaais van Zyl.
Porritt and Bennett face charges of fraud, tax evasion, share
price manipulation, money laundering, racketeering and contravening
sections of the Exchange Control Act, Companies Act and the Stock
Exchange Control Act.
In April 2005, a former chairperson of Tigon, Andries Geyser,
pleaded guilty in the Pretoria Magistrate's Court of failing to
take appropriate corrective measures on finding irregularities in
Tigon and Shawcell.
The court accepted his statement that he was in no way dishonest
or a participant in dishonest activity amounting to fraud.
Geyser (61) was fined R50 000 or one year in
prison, R25 000 or
six months of which was suspended for three years on condition he did not commit a similar offence.
His was the fifth conviction in the investigation into the business affairs of Tigon, Shawcell, PSC Guaranteed Growth Limited and Galahad Chartered Accountants Inc.
Sapa
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