During Monday’s proceedings at the Western Cape High Court, a witness recounted how Nafiz Modack had made extraordinary efforts to recover a lost investment on his behalf.
The manager reported being coerced into a meeting with Modack’s co-accused, Jacques Cronje, where he was compelled to sign an acknowledgement of debt for the failed investment capital and associated fees. According to Mr C’s testimony, Maharaj had opted for a ‘high-risk’ portfolio in pursuit of higher returns, a strategy that ultimately led to his financial downfall.
Testimony revealed that Modack orchestrated debt collection operations, handling between 30 and 40 cases monthly. His fee structure entailed charging 30% of the total recovered, with 10% allocated to Modack and 20% to the collector—in this instance, Cronje. Ultimately, Maharaj never recouped his funds, while Cronje faced arrest for intimidation. Subsequently, Mr C encountered threats of violence if he failed to retract his complaint against Cronje. Mr C attested that Kinnear dissuaded him from doing so, expressing a commitment to seeing the matter through.
Finance Finance Latest News, Finance Finance Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Source: dailymaverick - 🏆 3. / 84 Read more »
Source: News24 - 🏆 4. / 80 Read more »