Sunday Times reports that Investors in a South African yatch company, Tag Yatchs SA, lost over R100 Million, before the company collapsed and the directors got arrested.

Among the investors who lost their money are the following:

  • The Public Investment Corporation invested R20 Million in Tag Yatch SA
  • UAE Sultan Ahmed Ghunou Al-Hameli lost R18 Million
  • An Argentine steel company CEO who lost R33 Million
  • A Swiss Private Equity Adviser who lost R18 Million

The directors of Yatch SA: CEO Tim Van Der Steene and Ryan Osborne appeared on fraud charges in the Port Elizabeth commercial crimes court.

Bridget Wait, a former bookkeeper admitted that she stole R3 Million.

Please read the full story in today ‘s Sunday Times – 20 Sep 2020