The controversial pastor accused of running a R329 million ponzi scheme has been given a six-month break, while prosecutors prepare evidence against him.
Pastor Colin Davids of Parow briefly appeared in the Bellville Magistrates' Court yesterday where the state indicated that the investigation was incomplete and they were granted a postponement to September 27.
The 49-year-old is out on R100 000 bail relating to charges of fraud, contravention of the Financial Advisory and Intermediary Services Act (FAIS), which he was not registered or licensed to perform.
Davids, the director of Platinum Forex Group, is accused of running a multi-million rand pyramid scheme where investors are promised impossibly high returns, and are repaid with investments from newcomers.
In July 2015, the Asset Forfeiture Unit (AFU) seized assets worth R138m from Platinum Forex.
Over three bank accounts in Davids’ name were frozen by the state containing more than R52m, while a business account in the company’s name had R35m in it totalling up to R87m.
Three BMWs, two Jaguars, a Land Rover and Volvo owned by Davids were also placed under curatorship.
Prosecutors claim the pastor at the New Direction Church in Parow was insolvent after losing more than R106m in investors’ funds.
Deputy Director of Public Prosecutions, Leonardo Goosen, said a report from curators appointed to seize Davids’ assets indicated that more than R106m of investor’s money had been lost.