South African quantity surveyor Neil Brian Constable, residing in Pretoria, claims to be the victim of a $176,000 (Rs7.8million) fraud.
The retiree had decided to diversify his investments by placing a portion of his offshore earnings in Mauritius. A sum of $1,950,000 (Rs86million) was transferred to an account held by Askew International Trust at Mauritius Commercial Bank (MCB).
The South African is requesting the Supreme Court to issue an order compelling MCB to disclose crucial information regarding the mysterious disappearance of $176,000 from his accounts.
This case dates back to 2021 when the retiree, who has worked in several countries including Nigeria, Qatar, and Kazakhstan in the oil industry, returned to South Africa and decided, with the guidance of Tax Consulting South Africa, to invest a portion of his offshore earnings in Mauritius. Askew International Trust is an international wealth management company.
According to the plaintiff, this company transferred a sum of $1,950,000 to an account at MCB. However, problems arose when he attempted to withdraw a portion of these funds for expenses such as property purchases and general living expenses.
The South African claims to have made two withdrawals, the first being $700,000 with the assistance of Tax Consulting and the second being $69,000 via the same company. However, this withdrawal proved problematic as, even though he did not complete the withdrawal documents, he discovered that his account had been debited for $72,265.47 without his authorization.
Neil Brian Constable immediately requested the refund of the remaining balance, which was $1,180,975.
The South African alleges that Askew International Trust informed him that his account had been hacked.
After weeks of waiting and engaging with the trust, the Financial Services Commission, and the Financial Intelligence Unit, who are co-defendants in this case, a portion of the funds, $990,000, was finally restituted to him on June 27, 2023.
However, a sum of $176,000 remains unaccounted for.
Neil Brian Constable claims to have insisted on obtaining details about the transactions, but the co-defendants have refused to provide a detailed account statement.
Instead, he alleges in his application to the Supreme Court that he has received threats of retaliation, stating that if he persists in demanding transparency regarding the destination of the missing funds, the relevant authorities will be informed.
Faced with these events, the South African has filed an application with the Supreme Court for the disclosure of the full names, addresses, account numbers, and details of the recipient(s) of the $176,000 from Askew International Trust’s account, as well as Assethouse Limited, an international fund management company based at MCB.
The request also aims to obtain all documents submitted to the bank to authorise the transfer of the missing funds. Neil Brian Constable hopes that this disclosure will allow him to take legal action against the alleged perpetrators of this financial fraud.
The parties involved are required to appear before Interim Judge Jane Lau Yuk Poon on December 5.
Neil Brian Constable’s attorneys advocate for transparency in this complex case of fund disappearance. They argue that the repercussions of this case could have significant implications for the reputation of offshore financial institutions and highlight the potential risks investors face when seeking to diversify their portfolios abroad
The outcome of this case could also determine the manner in which financial institutions are required to account for the security of funds entrusted to their custody.
Source: l’Express
