'Loan sharks' found guilty of fraud
High Court Judge Alfred Siboleka has convicted three owners of an unregistered cash-loans business on 256 of the 513 fraud charges against them.
They were found guilty of having defrauded unsuspecting members of the public of N$7 million.
The judge ordered that Charles van Niekerk, Melanie Grace van Niekerk and Jesaja Jeremia van Niekerk be kept in custody until their sentencing.
The judge found that large amounts of cash were unlawfully and fraudulently procured from members of the public.
In the summary of the 256 counts against the accused, the judge said they had conducted banking business without being incorporated as a public company under the Companies Act. The accused operated a micro-lending business without being registered as micro-lender by Namfisa.
Judge Siboleka said the accused, unlawfully and with intent to defraud, entered into written investment contracts wherein implausible promises of high returns were made by Melanie Grace van Niekerk as manager of West Coast Financial Aid and as owner of Mias Micro-Lending, but were not fulfilled.
“The evidence of drawing up and issuance by the three accused of differently worded contracts to their investors credibly shows how carefully, subtly the unsuspecting investors, some of whom were frail, ended up being fraudulently robbed of hard-earned money,” Siboleka stated.
He added that it was also very clear that the investors were conned by the false promises of high interest that were from the beginning unlikely to be fulfilled.
“I reject outright the evidence of Charles van Niekerk and Jesaja Jeremia van Niekerk that they were unaware that West Coast Financial Aid CC did not have a banking business licence from the Bank of Namibia that allows it to receive or accept cash or cheque deposits from members of the public,” he said.
According to him they were legally obliged to have the business licensed for banking business before appointing Charles van Niekerk as the principal officer to run it on their behalf.
The same applied to Mias Micro-Lending, which was also an unlicensed, fraudulent scheme.
“The businesses were solely meant to con investors, cheating them out of their money,” Siboleka said.
He found that the doctrine of common purpose had been satisfied as evidence credibly showed that all three accused acted in unison regarding the formation and operations of West Coast Financial Aid.
The case was postponed to 4 June for pre-sentencing submissions.
Ingrid Husselman prosecuted while Johan van Vuuren and Christie Mostert represented the accused.
FRED GOEIEMAN
They were found guilty of having defrauded unsuspecting members of the public of N$7 million.
The judge ordered that Charles van Niekerk, Melanie Grace van Niekerk and Jesaja Jeremia van Niekerk be kept in custody until their sentencing.
The judge found that large amounts of cash were unlawfully and fraudulently procured from members of the public.
In the summary of the 256 counts against the accused, the judge said they had conducted banking business without being incorporated as a public company under the Companies Act. The accused operated a micro-lending business without being registered as micro-lender by Namfisa.
Judge Siboleka said the accused, unlawfully and with intent to defraud, entered into written investment contracts wherein implausible promises of high returns were made by Melanie Grace van Niekerk as manager of West Coast Financial Aid and as owner of Mias Micro-Lending, but were not fulfilled.
“The evidence of drawing up and issuance by the three accused of differently worded contracts to their investors credibly shows how carefully, subtly the unsuspecting investors, some of whom were frail, ended up being fraudulently robbed of hard-earned money,” Siboleka stated.
He added that it was also very clear that the investors were conned by the false promises of high interest that were from the beginning unlikely to be fulfilled.
“I reject outright the evidence of Charles van Niekerk and Jesaja Jeremia van Niekerk that they were unaware that West Coast Financial Aid CC did not have a banking business licence from the Bank of Namibia that allows it to receive or accept cash or cheque deposits from members of the public,” he said.
According to him they were legally obliged to have the business licensed for banking business before appointing Charles van Niekerk as the principal officer to run it on their behalf.
The same applied to Mias Micro-Lending, which was also an unlicensed, fraudulent scheme.
“The businesses were solely meant to con investors, cheating them out of their money,” Siboleka said.
He found that the doctrine of common purpose had been satisfied as evidence credibly showed that all three accused acted in unison regarding the formation and operations of West Coast Financial Aid.
The case was postponed to 4 June for pre-sentencing submissions.
Ingrid Husselman prosecuted while Johan van Vuuren and Christie Mostert represented the accused.
FRED GOEIEMAN
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