Three senior officials of the collapsed Saambou Bank appeared in the Pretoria Regional Court on Wednesday on 13 financial charges involving about R640-million.
Gerhardus De Clerck, Johan Myburgh and Charles Edwards each face 10 charges of fraud, one of theft and two of contravening the Companies Act.
The case was postponed to November 22 for further investigation.
A High Court trial date was expected to be determined with their next appearance, prosecutor Tjaardt Du Plessis said.
The prosecution and defence agreed on bail being set at R50 000 each.
But the matter stood down for Du Plessis to argue bail, since the state failed to produce a sworn affidavit for Myburgh.
The three men handed themselves over to the Scorpions special investigations unit in Pretoria on Wednesday morning.
National Prosecuting Authority spokesperson Makhosini Nkosi said the charges related to the three allegedly misrepresenting Saambou Bank’s ailing financial position to continue attracting investments and keep share prices high. They allegedly did so because falling share prices would weaken their own financial position.
De Clerck was general manager of Saambou Holdings group finance and later of strategic alliances. Myburgh and Edwards were both executive directors of Saambou Holdings and Saambou Bank. – Sapa