Krion accused convicted

Krion matriarch Marietjie Prinsloo was today found guilty on over 122 000 charges, including racketeering, money laundering and fraud.

Judge Cynthia Pretorius convicted Prinsloo, her son Willem Pelser, her daughter Yolanda Lemstra and her husband Gerrit, and her niece Izabel Engelbrecht and husband Hendrick on thousands of charges in the high court in Pretoria.

The charges include theft, fraud, tax fraud and contraventions of several Acts, including the Banks Act, Insolvency Act, Companies
Act and operating a harmful business practice.

Hundreds of millions invested
Over R1,5-billion was invested within four years in Prinsloo’s get-rich-quick scheme, which Pretorius said was insolvent from the start.

The capital from new investors was at all times used to pay exorbitant interest to existing investors and there was never any underlying business to justify interest rates of 10% or more per month, Pretorius said.

She said the extent of the scheme was an indication of the unsurpassed greed of investors who were promised quick wealth, but in many cases resulted in poverty and hardship.

Pretorius said Prinsloo, who was the “mother” and in control of the business, had known her activities were illegal from the outset and never had any intention to legalise her business.

Assests still not traced
She had consistently lied to the Reserve Bank, the department of trade and industry and auditors appointed to investigate Krion about the extent of the scheme.

She and her co-accused had also deliberately hidden documentation from the auditors and had hidden assets — some of which could not be traced to this day.

All of the accused yesterday pleaded poverty, claiming they could not afford any higher bail amounts, let alone flee.


The bail of all seven accused was extended, but Judge Pretorius added stricter bail conditions.

The trial was postponed to July 26 for pre-sentencing reports. — Sapa

These are unprecedented times, and the role of media to tell and record the story of South Africa as it develops is more important than ever. But it comes at a cost. Advertisers are cancelling campaigns, and our live events have come to an abrupt halt. Our income has been slashed.

The Mail & Guardian is a proud news publisher with roots stretching back 35 years. We’ve survived thanks to the support of our readers, we will need you to help us get through this.

To help us ensure another 35 future years of fiercely independent journalism, please subscribe.

Advertising

SANDF inquiry clears soldiers of the death of Collins Khosa

The board of inquiry also found that it was Khosa and his brother-in-law Thabiso Muvhango who caused the altercation with the defence force members

No back to school for teachers just yet

Last week the basic education minister was adamant that teachers will return to school on May 25, but some provinces say not all Covid-19 measures are in place to prevent its spread

Lockdown relief scheme payouts to employees tops R14-billion

Now employers and employees can apply to the Unemployment Insurance Fund for relief scheme payments
Advertising

Press Releases

Road to recovery for the tourism sector: The South African perspective

The best-case scenario is that South Africa's tourism sector’s recovery will only begin in earnest towards the end of this year

What Africa can learn from Cuba in combating the Covid-19 pandemic

Africa should abandon the neoliberal path to be able to deal with Covid-19 and other health system challenges likely to emerge in future

Coexisting with Covid-19: Saving lives and the economy in India

A staggered exit from the lockdown accompanied by stepped-up testing to cover every district is necessary for India right now

Covid-19: Eased lockdown and rule of law Webinar

If you are arrested and fined in lockdown, you do get a criminal record if you pay the admission of guilt fine

Covid-19 and Frontline Workers

Who is caring for the healthcare workers? 'Working together is how we are going to get through this. It’s not just a marathon, it’s a relay'.

PPS webinar Part 2: Small business, big risk

The risks that businesses face and how they can be dealt with are something all business owners should be well acquainted with

Call for applications for the position of GCRO executive director

The Gauteng City-Region Observatory is seeking to appoint a high-calibre researcher and manager to be the executive director and to lead it

DriveRisk stays safe with high-tech thermal camera solution

Itec Evolve installed the screening device within a few days to help the driver behaviour company become compliant with health and safety regulations