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IOL News
15-07-2025
- Business
- IOL News
Plett businessman forfeits R13million to the state
The sentencing was handed down in the Bellville Specialised Commercial Crimes Court. Image: File A Dutch national with permanent residency in the country has been convicted and sentenced for fraud in the Bellville Commercial Crimes Court. Martin Lennard Korver, 59, from Plettenberg Bay, was convicted of fraud in the amount of R6.8 million and theft in the amount of R4 million. The total amount of loss was R10.9 million. He entered into a plea and sentencing agreement with the State, where he confessed to his crimes. The complainants in his case were Gustav Schaefer and Jan Eberhard Schliemann, directors of Cobow (Pty) Ltd and Korevest Investments Group (Pty) Ltd, based in Somerset West. Korevest Investments Group (Pty) Ltd is a 100% shareholder in Cobow (Pty) Ltd, and the latter conducts the business of a guesthouse in Somerset West. The court heard Korver was a director of the two companies until his resignation on August 16, 2016. He and the complainants were in control of both companies' financial and banking affairs. Korver was also the sole director of Korevest Leisure Group B.V., based in the Netherlands. Korevest Leisure is a 47% shareholder in Korevest Investments Group (Pty) Ltd, while the Schliemann Family trust holds 28% and the Finserf Foundation 25%. In November 2013, Korver opened bank accounts with Investec South Africa on behalf of the two companies. The bank accounts were linked to his personal bank account without the knowledge and/or consent of the complainants, as this was done before their involvement. During May and June 2015, he opened a call deposit account and a loan account on behalf of Korevest Investments Group (Pty) Ltd with the Investec Bank of Mauritius. Video Player is loading. Play Video Play Unmute Current Time 0:00 / Duration -:- Loaded : 0% Stream Type LIVE Seek to live, currently behind live LIVE Remaining Time - 0:00 This is a modal window. Beginning of dialog window. Escape will cancel and close the window. Text Color White Black Red Green Blue Yellow Magenta Cyan Transparency Opaque Semi-Transparent Background Color Black White Red Green Blue Yellow Magenta Cyan Transparency Opaque Semi-Transparent Transparent Window Color Black White Red Green Blue Yellow Magenta Cyan Transparency Transparent Semi-Transparent Opaque Font Size 50% 75% 100% 125% 150% 175% 200% 300% 400% Text Edge Style None Raised Depressed Uniform Dropshadow Font Family Proportional Sans-Serif Monospace Sans-Serif Proportional Serif Monospace Serif Casual Script Small Caps Reset restore all settings to the default values Done Close Modal Dialog End of dialog window. Advertisement Next Stay Close ✕ Ad loading He claimed the complainants were aware of the call deposit account. He entered into a loan agreement on behalf of Korevest Investments Group (Pty) Ltd with the Investec Bank of Mauritius and secured €442 602.94, which equates to R6.8million between the two companies and the bank. Korver used an immovable property (guest house in Somerset West) as collateral to secure the loan from Investec Bank of Mauritius. Arguing in aggravation of sentence, Senior State Advocate Denzyl Combrink said the accused was in a position of trust which he abused to his financial benefit. Korevest Investments Group (Pty) Ltd incurred excessive expenses relating to loans and legal fees due to its illegal actions. These include R1.5 million, the company had to pay to Investec Bank of Mauritius to settle the loan the accused took out and failed to repay. The company also paid R3 million in legal expenses, due to the various civil litigations between the parties. One of the complainants had to lend Korevest Investments Group (Pty) Ltd R1.5m to ensure that the business stayed afloat. Korevest Investments Group (Pty) Ltd incurred a deficit relating to its tax liabilities with the South African Revenue Services (Sars). The court sentenced Korver to 10 years direct imprisonment for each count of which both were wholly suspended for five years on condition he is not convicted of fraud, theft, and/or any offence of which dishonesty is an element during the period of suspension. The court further made a confiscation order in the amount of R13.4million following the Asset Forfeiture Unit's investigation of his assets. Korver was also sentenced to 36 months of correctional supervision, which includes house arrest for 24 hours per day. He will be allowed to leave home between 7am and 7pm on weekdays for work. The court sentenced him to community service for 16 hours per month for the duration of his sentence. It ordered him to attend rehabilitation programmes (including a stop crime or similar programme) as determined at re-assessment by the social worker at the community correction office, to substantiate the goals of correctional supervision. The Commissioner of the Department of Correctional Services in George will determine the reasonable content and length, times, and places of such programmes. The department will recover the costs of the programmes from the accused. The court also allowed for Korver to attend a spiritual growth service, including at a church or mosque, or have free time on Saturdays from 12pm until 4pm, and Sundays from 8am until 12pm. Korver is not allowed to leave the magisterial district of his residence or work without the permission of his Correctional Supervision Officer and is prohibited from using alcohol or drugs other than those prescribed by a medical practitioner. He must obtain written permission before he changes his residential or work address. The court further ordered that as part of Korver's sentence he will ensure that the 47% shareholding held by Korevest Leisure Group BV in Korevest Investments Group (Pty) Ltd is transferred to the Finserf Foundation, upon presentation to him of the necessary documents by the complainants. He also accedes to the confiscation order in the amount of R1.2 million, which will be paid as a lump sum within five court days of the agreement being made an order of the court. The money will be transferred from the accused' attorney's trust bank account to the complainant's nominated bank account. Provincial NPA spokesperson Eric Ntabazalila welcomed the sentence. Cape Times
IOL News
14-07-2025
- Business
- IOL News
Dutch national who defrauded companies sentenced to house arrest and community service
The sentencing was handed down in the Bellville Specialised Commercial Crimes Court. Image: File A Dutch national with permanent residency in South Africa has been convicted and sentenced for fraud in the Bellville Commercial Crimes Court. Martin Lennard Korver, 59, from Plettenberg Bay in the Western Cape, was convicted of fraud in the amount of R6.8 million and theft in the amount of R4 million. The total amount of loss was R10.9 million. He entered into a plea and sentencing agreement with the State, where he confessed to his crimes. Complainants in his case are Gustav Schaefer and Jan Eberhard Schliemann, directors of Cobow (Pty) Ltd and Korevest Investments Group (Pty) Ltd, based in Somerset West, Western Cape. Korevest Investments Group (Pty) Ltd is a 100% shareholder in Cobow (Pty) Ltd, and the latter conducts the business of a guesthouse in Somerset West. The court heard Korver was a director of the two companies until his resignation on August 16, 2016. He and the complainants were in control of both companies' financial and banking affairs. Korver was also the sole director of Korevest Leisure Group B.V., based in the Netherlands. Korevest Leisure is a 47% shareholder in Korevest Investments Group (Pty) Ltd, whilst the Schliemann Family trust holds 28% and the Finserf Foundation holds a 25% shareholding in Korevest Investments Group (Pty) Ltd. In November 2013, Korver opened bank accounts with Investec South Africa on behalf of the two companies. The bank accounts were linked to his personal bank account without the knowledge and/or consent of the complainants, as this was done before their involvement. During May and June 2015, he opened a call deposit account and a loan account on behalf of Korevest Investments Group (Pty) Ltd with the Investec Bank of Mauritius. Video Player is loading. Play Video Play Unmute Current Time 0:00 / Duration -:- Loaded : 0% Stream Type LIVE Seek to live, currently behind live LIVE Remaining Time - 0:00 This is a modal window. Beginning of dialog window. Escape will cancel and close the window. Text Color White Black Red Green Blue Yellow Magenta Cyan Transparency Opaque Semi-Transparent Background Color Black White Red Green Blue Yellow Magenta Cyan Transparency Opaque Semi-Transparent Transparent Window Color Black White Red Green Blue Yellow Magenta Cyan Transparency Transparent Semi-Transparent Opaque Font Size 50% 75% 100% 125% 150% 175% 200% 300% 400% Text Edge Style None Raised Depressed Uniform Dropshadow Font Family Proportional Sans-Serif Monospace Sans-Serif Proportional Serif Monospace Serif Casual Script Small Caps Reset restore all settings to the default values Done Close Modal Dialog End of dialog window. Advertisement Next Stay Close ✕ Ad loading He claimed the complainants were aware of the call deposit account. He entered into a loan agreement on behalf of Korevest Investments Group (Pty) Ltd with the Investec Bank of Mauritius and secured €442 602.94, which equates to R6.8million between the two companies and the bank. Korver used an immovable property (guest house in Somerset West) as collateral to secure the loan from Investec Bank of Mauritius. Arguing in aggravation of sentence, Senior State Advocate Denzyl Combrink said the accused was in a position of trust which he abused to his financial benefit. He committed the offences to gain an unfair and unjustified financial advantage. Korevest Investments Group (Pty) Ltd incurred excessive expenses relating to loans and legal fees due to its illegal actions. These include R1.5 million, the company had to pay to Investec Bank of Mauritius to settle the loan the accused took out and failed to repay. The company also paid R3 million in legal expenses, due to the various civil litigations between the parties. One of the complainants had to lend Korevest Investments Group (Pty) Ltd R1.5m to ensure that the business stayed afloat. Korevest Investments Group (Pty) Ltd incurred a deficit relating to its tax liabilities with the South African Revenue Services (Sars). The court sentenced Korver to 10 years direct imprisonment for each count of which both were wholly suspended for five years on condition he is not convicted of fraud, theft, and/or any offence of which dishonesty is an element during the period of suspension. The court further made a confiscation order in the amount of R13.4million following the Asset Forfeiture Unit's investigation of his assets. Korver was also sentenced to 36 months of correctional supervision, which includes house arrest for 24 hours per day. He will be allowed to leave home between 7am am and 7pm on weekdays for work. The court sentenced him to community service for 16 hours per month for the duration of his sentence. It ordered him to attend rehabilitation programmes (including a stop crime or similar programme) as determined at re-assessment by the social worker at the community correction office, to substantiate the goals of correctional supervision. The Commissioner of the Department of Correctional Services in George will determine the reasonable content and length, times, and places of such programmes. The department will recover the costs of the programmes from the accused. The court also allowed for Korver to attend a spiritual growth service, including at a church or mosque. Or have free time on Saturdays from 12pm until 4pm, and Sundays from 8am until 12pm. Korver is not allowed to leave the magisterial district of his residence or work without the permission of his Correctional Supervision Officer and is prohibited from using alcohol or drugs other than those prescribed by a medical practitioner. He must obtain written permission before he changes his residential or work address and not commit any further offence(s). The court further ordered that part of Korver's sentence is that he will ensure that the 47% shareholding held by Korevest Leisure Group BV in Korevest Investments Group (Pty) Ltd is transferred to the Finserf Foundation, upon presentation to him of the necessary documents by the complainants. He also accedes to the confiscation order in the amount of R1.2 million, which will be paid as a lump sum within five court days of this agreement being made an order of the court. The money will be transferred from the accused' attorney's trust bank account to the complainant's nominated bank account. The Western Cape spokesperson for the National Prosecuting Authority (NPA), Eric Ntabazalila said it welcomed the sentence as a strong affirmation of the uinwavering commitment to prosecuting corruption and fraud. 'These crimes not only erode public trust but also undermine economic growth and discourage local investment. This outcome demonstrates the NPA's dedication to protecting the integrity of South Africa's economy and promoting a fair, accountable business environment,' Ntabazalila said. IOL
The South African
01-07-2025
- Politics
- The South African
Sudan famine fears rise as UN food aid dries up
The United Nations (UN) funding crisis is contributing to a rise in starvation and malnutrition among millions of refugees in Sudan. The World Food Programme (WFP) warns that there could be a major cutback in the delivery of vital food assistance. Seven neighbouring nations (Central Africa, Chad, Egypt, Ethiopia, Libya, Uganda, and South Sudan) are currently sheltering displaced Sudanese while dealing with this crisis. Extreme food insecurity and a high degree of conflict already exist in many host countries. This funding crisis is currently making the UN's operations extremely challenging. Major donors, including the United States, have significantly reduced their spending on foreign aid. The United States has cut some of its aid funding for the United Nations (Sudan), as well as several other countries. Additionally, other traditional donors, such as Germany and the United Kingdom (UK), have cut back on aid spending. As a result of this, the WFP had to make significant budget cuts. The Armed Forces of Sudan's (SAF) commander, General Abdel Fattah al-Burhan, is fighting his former subordinate, General Mohamed 'Hemedti' Dagalo. Hemedti leads the paramilitary Rapid Support Forces (RSF), embroiled in a power struggle amidst the war in Sudan. Their disagreement centres on when and how to integrate the RSF into the SAF, a crucial step in shifting to civilian rule. Former President Omar al-Bashir established the RSF in 2013, designing its command structure and economic networks to function as an autonomous force that would balance the military and safeguard his government from coups. Existing problems like the collapse of economic funding, climatic crises, and violence have become worse because of this war. The dispute between military chiefs General Burhan and General Dagalo has plunged the country into crisis and chaos. In 2025, Sudan's humanitarian response plan only received 14.4%, or US$599.6 million (R10.9 billion), of the US$4.16 billion (R75.5 billion) needed for all domestic aid. Despite this, over the next six months, the WFP urgently needs an extra US$200 million (roughly R3.6 billion) for its regional refugee response in neighbouring countries. Humanitarian assistance may end if immediate funding is not provided. With the daily influx of refugees, supplies in Chad are running low amidst the crisis. Inside Sudan, over eight million people are on the brink of famine. Acute malnutrition disproportionately affects children, especially during critical periods. The WFP urges the international community to mobilise additional resources. HOW CAN THE UN STOP SUDAN FROM EXPERIENCING THIS CRISIS? Let us know by leaving a comment below, or send a WhatsApp to 060 011 021 11. Subscribe to The South African website's newsletters and follow us on WhatsApp, Facebook, X and Bluesky for the latest news
