Liquidators of the controversial Port Elizabeth-based Usaphu Trust investment scheme have started serving a fresh batch of summonses in a desperate bid to retrieve some of the more than R100-million they believe was invested in a pyramid scheme in South Africa.
A total of 565 unhappy investors, including a church, are claiming R90-million from the insolvent Usaphu Trust, allegedly run over five years by Port Elizabeth socialite Maureen Clifford.
Clifford has not been charged as yet. All attempts to trace her to comment on events were unsuccessful.
Liquidator Koos van Rensburg of Pretoria says the Usaphu Trust was one of the biggest pyramid schemes to be run in South Africa.
The new wave of summonses this week has been served mostly on people believed to have benefited from the scheme but who were afraid to disclose profits.
“This mostly happens when people invest ‘hot money’ and would not like to attract the attention of the receiver of revenue,” says Van Rensburg.
“Maureen Clifford had agents across the country earning commission on roping in investors. We believe there were in excess of 1000 investors and intend to get to each and every one of them. We have just lodged 50 fresh summonses.”
He said the majority of summonses are being defended and he expects one more round of interrogations in order for liquidators to force investors to disclose payments into bank accounts.
Thus far liquidators have retrieved R6-million, the largest percentage from successful investors paying money back after being summonsed.
A further R315000 was received from people owing Clifford money. Only R20 could be retrieved from the Maureen Clifford estate.
The distribution account of claimants reads like the who’s who of the Eastern Cape’s rich and famous, with several out-of-town investors as far as the North West province, the Western Cape and KwaZulu-Natal also claiming millions.
The Port Elizabeth-based Greek Pitsiladi family business, through individual claims, family trust claims and business claims, is claiming a total of R9,8-million from the trust. Port Elizabeth businessman and sports administrator Stuart McDonald lodged a personal claim of R6,6-million.
The Eastern Cape farming community invested and lost heavily. Somerset East farmer Willem Kemp, with a R2,8-million claim, is among hundreds of Eastern Karoo, Gamtoos Valley and Sondags River Valley farmers claiming amounts of between R10000 and R2,8-million.
Even the Dutch Reformed Church in Loerie in the Gamtoos Valley claims R160000 from the trust.
The names of several early investors who profited from the trust are being kept secret by liquidators. According to a note to the Master of the Grahamstown High Court, in terms of settlement agreements, the details of debtors who volunteered back payments and the amounts may not be disclosed.
“Some of these people are financial advisers and they would not like the public to see that they invested into a pyramid scheme,” says Van Rensburg.
Clifford is well known for her extravagant lifestyle. Draped with expensive jewellery she could often be found dining in the best Port Elizabeth restaurants with friends and investors. — Newswize