Investec claim they are, effectively, free to benefit from crime. By Barry Sergeant.
A sage once said that when in a hole, the first rule to observe is to stop digging. This advice seems to have bypassed Johannesburg-based Investec over the never-ending Kebble saga.
In the latest chapter of what has been dubbed the biggest unprosecuted fraud in South African history, Investec and a small army of lawyers are arguing – very seriously – that, in essence, shareholders have no rights. This is breathtaking stuff, all right.
The case is known as Smyth et al versus Investec, involving 47 minority shareholders of Randgold & Exploration who are challenging the bank.
In a media release on 18 June, Investec said – once again – that it is “contesting” the claim of the Randgold minorities – a figure that runs into billions of rand. Investec stated: “We believe the case has no merit whatsoever”.