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25 Jun 2009 09:18
The assets of lawyer Dean Rees—an alleged recruiter for a Ponzi scheme reportedly headed by Barry Tannenbaum—have been frozen, the Financial Mail said on Thursday.
According to a recent investigation, Rees sought investors for Tannenbaum’s scheme that supposedly imported pharmaceutical drugs into South Africa and then sold them on to generic drug manufacturers.
Although Rees said he was an unwitting pawn of Tannenbaum, his assets were frozen this week by the Queen’s Bench division of the United Kingdom High Court in London, the FM added.
When contacted, Rees said he would fight this “most vigorously”.
According to the FM, the UK court order specifically froze nine bank accounts belonging to Rees and his companies, including four at Investec and others in Hong Kong, New York and Switzerland.
The order also demanded that Rees hand his passport to Barwa’s lawyers and that he provide a list of all his assets.—Sapa
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