Case of the disappearing millions


Case of the disappearing millions

How R600m vanished, under the expert care of Investec.
By Barry Sergeant.

At 11am on 13 July 2015 the Sheriff auctioned and sold 326 million ordinary shares in JCI Limited, equal to 9.72% of that company’s issued share capital.  The shares belonged to Black Bear Resources Ltd and had been attached by the Sheriff in execution of a costs order granted against Black Bear in September 2012, when it failed in its bid to put JCI into liquidation.

JCI remains, of course, at the centre of the wreckage left behind by the late Brett Kebble, who was shot and killed on 27 September 2005.

At the recent auction, there were no known bids from JCI itself, or from its controlling shareholders, Allan Gray (26.1%), and Investec Bank (26.7%). The latter had been principal lender to JCI from 1997, when Kebble clandestinely seized control of the mining investment company, until mid-2014.

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