$1.6 bln fraud: South Africa issues arrest warrant for biz man




South Africa issues arrest warrant for biz man for $1.6 bln fraud

Cape Town: An arrest warrant has been issued for a South African businessman accused of orchestrating a 12.5 billion rand ($1.65 billion) fraud, Finance Minister Pravin Gordhan said on Tuesday. Lawyers and investigators working for investors have accused Barry Tannenbaum of operating a Ponzi-style scheme that has been compared to that exploited by epic U.S. swindler Bernard Madoff, albeit on a smaller scale.

Tannenbaum promised annual returns as high as 200 percent which he said were linked to pharmaceutical imports.

Gordhan said during a budget policy statement in parliament that warrants had been issued for the arrest of Tannenbaum and Dean Rees, a South African lawyer linked to Tannenbaum.

Tannenbaum did not reply to an emailed request for comment on Gordhan’s announcement.

A South African court has frozen Tannenbaum’s assets in the country. He now lives in Australia.

The scheme involved at least eight foreign jurisdictions, Gordhan said.

“It now appears that the scheme involved 12.5 billion rand in financial transactions. We know that one individual received more than 800 million in returns and in all likelihood is not paying tax on those returns,” he said. Tannenbaum admitted to forging documents to deceive Qatar’s Barwa Real Estate BRES.QA, a source close to the matter said earlier this year. Barwa said in June it was seeking repayments from a company operated by Tannenbaum and had stopped a $40 million revolving credit facility it had been providing.

Tannenbaum operated through his Frankel International and Frankel Chemical Corp companies, and is a relative of a founder of South Africa’s No. 2 pharmaceuticals firm, Adcock Ingram (AIPJ.J). ref: Oct 27, 2009Reuters. Reporting by Gordon Bell; Writing by Marius Bosch; editing by John Stonestreet.

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  2. water, and the pleasure lips saide this, and yet why kill when aney given, perosn kill another human, they are shoot and killing the, "Image ove God, God is all so call the, "Ancient Days" the Ancient Days is the same one who freed the, "insalve Isralits from the bondage ove, Paroah Egypt" we are their insalve tow our self and the very same one who, parted the red sea, two, all African, Nations the, Gift God give is water, when it rains; it waters the grass; the tree's and flowers and so on the indepth riches ove, "the Ancient Days  oen day will be youth and old ageing will be a, thing ove the past,  are we, each a, Adolf Hitler with in our self, tow, kill some one who is grume for, marrige,? what a, wast ove human life and blood, with in our self we each shound be educated about human life never kill each other, because ove this mans name, "Abrham Lincolin, Abrham Lincolin freed our ansesters from the slavery ove the, white man, when aney one person is kill their bodie all that is left become, "Bones" layed up on the  earth; we shall not judge each other hating rembering, that mans name, "Abrham Lincolin" and as it was befor slaver was outlawd, the white man wound beat, aney given person who was a, slave, "The Ancient Days is reall, that takes in this word, call, the day, Ove BIBLE JUDGEMENTDAY" that day will  surely come as it says it here, Matthew 24:14, and yet why msut aney dark skin peorsn ove aney African Nation kill one another, we each sahll think deep with in our self and remebr, who we reallie are, may not anothetr African man kill another African man with aney wepon ove war, because ove this, mans name, "Abrham Lincolin" and may all African gift water from God be nice and clean, !!!Season greetings and pleas lissen saide!!!! !!!HI!!!

  3. Earthquake and tsunami has invade Japan who knows the next place, how & when.Nigerians must aries for a 1 day prayer & fasting on 3/24/11. Prayer point: No Invasion-2Chr.32. "Neh.9:1, “Now in the twenty and fourth day of this month the children of Israel were assembled with fasting…” Esther4:3,Mark 9:29,Ps.44:3.150m is greater than the no. of Egyptians that interceded for 18 days.God bless us (Home & Diaspora) let mobilize together!

    1. Killing: Is old and out dateted, killing goes way back tow the time, ove, "Nimrode a, mighty hunter in oppuzition tow, "JEHOVAH, all so know, as JEHOVAHJIRU, all so know as, YAWEH" the reward for, killing the pentely is death under the rules and laws ove the, Tencommandments, them word's says thi shall not kill

  4. Chido, may i know if you did your national youth service in Kwara State.Meanwhile, i am proud of your progress in the field of journalism in theUS.Keep it up my brother

  5. Greetings Brother Chido

    Excellent coverage last week re near plane tragedy.




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