The Bellville Commercial Crimes Court has postponed the long-running case of Colin Davids, the pastor accused of running a multimillion-rand Ponzi scheme, to November 29.
In affidavits filed in court, the AFU presented evidence that Platinum Forex, a close corporation based in Parow, unlawfully collected more than R100 million from unsuspecting members of the public under the guise that it was a lawful investor that invests in foreign exchange investments, also known as forex.
At the time, the court said that of the more than R300 million that was initially invested in Platinum Forex, only about R100 million remained, and the judge ruled that a curator would oversee the process of distributing the frozen funds to investors. This is because Platinum Forex was not registered as a financial service provider and was not legally allowed to conduct the business of a banker.
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