Pensioner in hot pursuit of Great Triangle

A WINDHOEK pensioner is pulling out all stops to get back N$7 million she invested with Great Triangle Investments – the same company that has swallowed more than N$100 million in public funds invested by the Offshore Development Company.

The Cape Town Provincial High Court has placed the personal estate of Great Triangle’s principal director, Philip Fourie, and his wife Judith Fourie under provisional liquidation. Interested parties have until January 17 2006 to oppose a final liquidation order.In Windhoek, Old Mutual Life Assurance on Friday approached the High Court in Windhoek to prevent N$3,2 million in pension money belonging to its former financial advisor Johan Deysel from being transferred from its staff pension fund to a fund of his choice.Deysel convinced 70-year-old pensioner Helene Naudé to cancel some of her Old Mutual investments and invest them with Great Triangle instead, for better returns.Deysel resigned from the insurance firm before he could face a disciplinary hearing on fraud and other misconduct charges.Legal counsel for Old Mutual Life Assurance, Raymond Heathcote, acting on instructions from Dirk Conradie, told Judge Gerhard Maritz that it could not be ruled out that Naudé might take action against the insurance firm for the money she lost because of Deysel’s advice – according to its calculations this could be as much as N$9,8 million.Thus, Old Mutual was seeking to hold on to Deysel’s pension to compensate Naudé for her losses.”Indications are that Mr Fourie from Great Triangle Investments, if there is such a company, will not be repaying that full amount to the applicant,” said Heathcote.But Counsel for Deysel and the Old Mutual Staff Pension Fund Dave Smuts, acting on instruction from Attie Slabbert, claimed that neither the insurance company nor Naudé had a basis in terms of the laws governing the fund to lay claim to Deysel’s pension.Smuts said it had not been shown that Deysel had committed fraud against the company.He also maintained that Old Mutual’s calculation of Naudé’s losses was “flawed” and did not take into account any money that she received in the year after investing with Great Triangle (about N$1,4 million).Smuts further told the court that excluding Deysel’s pension money, he had assets valued at around N$6,3 million – including an unmortgaged farm valued at N$3 million.Heathcote insisted that Deysel’s offer to invest money for his client outside the company he worked for at the time could be construed as fraud.Smuts maintained that his client could at best be held liable for negligence for the advice he gave Naudé.The case is set to continue in the High Court today.FOURIE’S TRIANGLE Meanwhile, in documents placed before the Cape Town Provincial High Court, Fourie denies that he is insolvent.He acknowledges being the principal shareholder in Great Triangle Investments, registered in Botswana, Heartprops, another company registered in Botswana, and Glowfire Investments, a company registered in the British Virgin Islands.The asset value of Great Triangle Investments is given as N$4,5 million in investments in Europe and the USA.Through Heartprops, Fourie is a shareholder in La Gratitude Holdings, which has as its sole asset a property in Stellenbosch valued according to Fourie at N$17 million.According to a company register, Fourie’s “business associate” Tertius Theart is the other director of La Gratitude Holdings.Theart also played a pivotal role in the investments the ODC placed with Great Triangle Investments.The assets of Glowfire Investments are valued at US$3 000.Fourie’s personal expenses are said to be in the region of N$12 000 a month.He also enjoys benefits from an annuity in Switzerland ranging between N$25 000 and N$30 000, depending on the exchange rate.”In light of the aforementioned, it is clear that my assets exceed my debts and that I am not insolvent,” Fourie said in an affidavit placed before the court.Fourie acknowledges his relationship with Deysel, which started in November 2003.With reference to Naudé’s portfolio, Fourie said he told Deysel the N$7 million investment would yield a return of 20 per cent on the investment but denies promising Deysel that Naudé would receive a fixed quarterly amount of N$350 000 on her investment.Naudé received three payments of N$350 000 from Great Triangle Investments before the funds dried up, and Deysel dug into his own pockets to pay Naudé from the N$700 000 he received as commission for the deal.According to Fourie, Naudé’s money was invested as part of a greater sum of N$17 million with a certain European investment manager.The money would in turn be invested with Triple M Investment Corporation in Boston, USA, according to Fourie’s testimony.”Mr Deysel was aware at all times that I would only be acting as a middle man and facilitator between him, the applicant [Naudé] and Great Triangle Investments, which would manage the investment,” says Fourie.Given this, Fourie said it was clear that he never received the money in his personal capacity.”In light of this, I deny that I am indebted to the applicant,” maintains Fourie.Fourie lives in George in the Eastern Cape.Interested parties have until January 17 2006 to oppose a final liquidation order.In Windhoek, Old Mutual Life Assurance on Friday approached the High Court in Windhoek to prevent N$3,2 million in pension money belonging to its former financial advisor Johan Deysel from being transferred from its staff pension fund to a fund of his choice.Deysel convinced 70-year-old pensioner Helene Naudé to cancel some of her Old Mutual investments and invest them with Great Triangle instead, for better returns.Deysel resigned from the insurance firm before he could face a disciplinary hearing on fraud and other misconduct charges.Legal counsel for Old Mutual Life Assurance, Raymond Heathcote, acting on instructions from Dirk Conradie, told Judge Gerhard Maritz that it could not be ruled out that Naudé might take action against the insurance firm for the money she lost because of Deysel’s advice – according to its calculations this could be as much as N$9,8 million. Thus, Old Mutual was seeking to hold on to Deysel’s pension to compensate Naudé for her losses.”Indications are that Mr Fourie from Great Triangle Investments, if there is such a company, will not be repaying that full amount to the applicant,” said Heathcote.But Counsel for Deysel and the Old Mutual Staff Pension Fund Dave Smuts, acting on instruction from Attie Slabbert, claimed that neither the insurance company nor Naudé had a basis in terms of the laws governing the fund to lay claim to Deysel’s pension.Smuts said it had not been shown that Deysel had committed fraud against the company.He also maintained that Old Mutual’s calculation of Naudé’s losses was “flawed” and did not take into account any money that she received in the year after investing with Great Triangle (about N$1,4 million).Smuts further told the court that excluding Deysel’s pension money, he had assets valued at around N$6,3 million – including an unmortgaged farm valued at N$3 million.Heathcote insisted that Deysel’s offer to invest money for his client outside the company he worked for at the time could be construed as fraud.Smuts maintained that his client could at best be held liable for negligence for the advice he gave Naudé.The case is set to continue in the High Court today.FOURIE’S TRIANGLE Meanwhile, in documents placed before the Cape Town Provincial High Court, Fourie denies that he is insolvent.He acknowledges being the principal shareholder in Great Triangle Investments, registered in Botswana, Heartprops, another company registered in Botswana, and Glowfire Investments, a company registered in the British Virgin Islands.The asset value of Great Triangle Investments is given as N$4,5 million in investments in Europe and the USA.Through Heartprops, Fourie is a shareholder in La Gratitude Holdings, which has as its sole asset a property in Stellenbosch valued according to Fourie at N$17 million.According to a company register, Fourie’s “business associate” Tertius Theart is the other director of La Gratitude Holdings.Theart also played a pivotal role in the investments the ODC placed with Great Triangle Investments.The assets of Glowfire Investments are valued at US$3 000.Fourie’s personal expenses are said to be in the region of N$12 000 a month.He also enjoys benefits from an annuity in Switzerland ranging between N$25 000 and N$30 000, depending on the exchange rate.”In light of the aforementioned, it is clear that my assets exceed my debts and that I am not insolvent,” Fourie said in an affidavit placed before the court.Fourie acknowledges his relationship with Deysel, which started in November 2003.With reference to Naudé’s portfolio, Fourie said he told Deysel the N$7 million investment would yield a return of 20 per cent on the investment but denies promising Deysel that Naudé would receive a fixed quarterly amount of N$350 000 on her investment.Naudé received three payments of N$350 000 from Great Triangle Investments before the funds dried up, and Deysel dug into his own pockets to pay Naudé from the N$700 000 he received as commission for the deal.According to Fourie, Naudé’s money was invested as part of a greater sum of N$17 million with a certain European investment manager.The money would in turn be invested with Triple M Investment Corporation in Boston, USA, according to Fourie’s testimony.”Mr Deysel was aware at all times that I would only be acting as a middle man and facilitator between him, the applicant [Naudé] and Great Triangle Investments, which would manage the investment,” says Fourie.Given this, Fourie said it was clear that he never received the money in his personal capacity.”In light of this, I deny that I am indebted to the applicant,” maintains Fourie.Fourie lives in George in the Eastern Cape.