The successful claim by businessman Merlin Stols is one of several matters pending before the courts as those who were ripped off by the once “trusted and respected” attorney attempt to hold the law firm legally responsible for their losses.
In his evidence before the Pietermaritzburg high court judge Jerome Mnguni, Stols said he had struck several deals with Cowan through his “bridging finance scheme”, ostensibly propping up property transactions which were pending finance. The final one was for R7m, R2m of which was deposited into the firm’s trust account.Stols was reassured by the fact that Cowan worked for the firm.
He said: “The firm did not benefit from the scheme and it cannot afford to pay even a fraction of the claims. We were as much victims as everyone else.”