Johannesburg – A 42-year-old chief executive was due to appear in the Palm Ridge Magistrate’s Court today for allegedly defrauding shareholders of R50 million between March 2019 and May 2021.’’It is alleged that the CEO, together with another executive official, persuaded the shareholders to buy shares that did not exist from a healthcare company since it was going to list its shares on the Standard Board of the London Stock Exchange.
It was later discovered that the stipulated bank accounts were allegedly the suspects’ personal accounts. Thirty shareholders lost R50 million due to alleged misrepresentation, the Hawks said.
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