BHI Ponzi: A “Nest of Criminality” & Fears that missing money could have left SA - with Magnus Heystek

Loading player...
Fears are growing that some of the missing billions from South Africa’s latest Ponzi scheme could have been sent out of the country. BizNews has been receiving information on off-shore companies linked to the BHI Trust of Craig Warriner. There also appears to be network of at least 11 special purpose vehicles and entities, made up of companies local and offshore - that enabled and benefitted massively from the BHI Fund. The network of entities uncovered so far numbers 16. In this interview with independent financial advisor Magnus Heystek, he says: “…the suspicion is very strong that most of this money is either dissipated on Ferraris and aircraft and has left the country.” Heystek details the huge obstacles that could create for investors who hope to get their money back. He also warns that Ponzi-like schemes land on his desk almost “on a monthly basis”, and urges investors to review their investments without delay and to walk away from unregulated schemes. - Chris Steyn
8 Nov 2023 4AM English South Africa Investing · Business News

Other recent episodes

BizNews Edge: Stranger than fiction - Jooste's consigliere meets ET-type end

Today's BizNews Edge covers three stories that cut to the heart of South African business and politics. John Steenhuisen has broken publicly with the DA, naming Geordin Hill-Lewis and Tony Leon in allegations that threaten serious damage to the party just months before the 2026 municipals. Prosus, once a byword…
29 Jun 5AM 24 min

Criminalising corporate silence with Wendy Addison

South Africa's first high-profile whistleblower Wendy Addison is done talking shop. She's raised a criminal docket against a corporation and its directors for silencing two financial industry whistleblowers — and she thinks it could be a watershed moment. Can personal criminal accountability finally give whistleblower protection real teeth?
29 Jun 3AM 23 min

BN Daybreak: Strait of Hormuz showdown as US and Iran head back to Doha

Vessels are still threading the Strait of Hormuz, but a Bloomberg analyst calls it Schrodinger's Strait: you never know if it's open until you try to get through. With traffic down to a fraction of normal and ships taking hits, owners are weighing whether the world's most vital oil route…
28 Jun 9PM 15 min