A year after they first appeared in court, charges of fraud against the retail director and accountant of KwaZulu-Natal based towel manufacturer Glodina have been withdrawn.
The investigating unit added that it was expecting a “well-deserved” conviction in the matter and accused the men of “allegedly stealing from other aspiring entrepreneurs who need funding”.“I have been advised by the business rescue practitioner to open a charge of fraud against the IDC for R25m. The entire incident, together with various others, is being dealt with by the liquidator and an inquiry into the matters is being held soon,” he said.
In representations to Nkoana, Eusuf’s attorney, SP Pillay, said the IDC — the complainant — came to court “with dirty hands” and the financing of the deal failed due to the IDC's actions. Pillay said Eusuf owned La Bomb Investments, which bid for Glodina . Eusuf formed a company, Glodina Lifestyle, which would purchase Glodina after being told by then-CFO of KAP that the IDC was interested in providing funding.Pillay added that the IDC was aware the purchase agreement was altered and that R10m for the brand and equipment could be paid in monthly instalments, rather than in one lump sum.
“The loan agreement does not require that the ... R10m be used for any specific purpose or that it may not be used at all. It was simply to ensure KAP was paid what was owed to them.Pillay said the IDC had insisted on appointing two of its directors to the company's board.These directors, Pillay said, without calling a legal board meeting, caused the balance in the bank account of Lifestyle, R25m, to be transferred to the IDC.
“There was no notice of any board meeting given to our client ... neither was there any court order to cause such drastic action. It is respectfully submitted that, on this version, they had stolen the funds from Lifestyle.”
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