'Billionaire' Lamba denied bail
2011-06-08 18:08
Johannesburg - South Africa's "youngest billionaire" was denied bail by the Orlando Magistrate's Court on Wednesday, the National Prosecuting Authority (NPA) said.
Spokesperson Mthunzi Mhaga said Mandla Lamba would appear again on June 27.
He said Lamba was denied bail because he was considered a flight risk.
"We welcome this decision as there would have been a likelihood he would not stand trial. We are glad because it gives us ample opportunity to investigate while he is in custody," said Mhaga.
He said the trial was postponed because investigation was needed into additional claims of, among other things, alleged fraud made by people he believed were coming out now "because of the trial's media coverage."
Lamba faces 15 charges of fraud, theft and culpable homicide relating to a 2007 car accident in which two people died.
He was arrested on May 10 at Nelson Mandela Square in Sandton, Johannesburg.
Lamba claims to a have become a billionaire at the age of 25 from interests in gold, diamond and manganese mining.
- SAPA