Developer not guilty of fraud

2009-11-20 20:02
Cape Town - Property developer Nolke Roelevink was found not guilty on Friday on two charges of fraud, relating to his failure to refund two investments in a proposed development.

The two investments were made by developers Charles van der Weijde and Lukas Engelbrecht, on the understanding that the R447 000 paid by Van der Weijde and the R220 000 by Engelbrecht, would be refunded if the development did not materialise.

Roelevink pleaded not guilty in the Bellville Specialised Commercial Crime Court, saying he had an obligation to refund the R667 000.

Arrest led to freezing of account

He told the court he had, in fact, obtained a second bond on his house, which would have enabled him to refund the money, but that his arrest had led to the freezing of his bank accounts.

This had made it impossible for him to refund the two investments.

The money was invested in the company, Exclusive Access Trading, which controlled the proposed development.

The development in question was overseen by the company IBN Consulting. Its director, Ralph Ertner, told the court he was involved in a fiduciary capacity.

Magistrate Amrith Chabillal said Ertner had assessed the viability of the development.

No intent to defraud

Ertner had believed it would materialise and had even bought shares himself in the company.

Chabillal agreed with defence advocate David Charles that Roelevink could not have had the intent to defraud.

If the R667 000 had had to be placed into a trust account, and Roelevink had used the money, he would have been guilty of theft.

However, the fact that Roelevink had given Engelbrecht and Van der Weijde shares for their money, indicated that their transaction had involved the purchase of shares.

He said indications were that Roelevink had sold them the shares, and was thus entitled to do with their money as he pleased.
 

NEXT ON NEWS24X

SHARE:

Read News24’s Comments Policy

Inside News24

 
SPONSORED CONTENT
4 real car inventions that seem like science fiction

Vehicle design and tech have come so far so fast, that what seemed impossible has become reality. These are some of the fun and exciting innovations that have found their way into vehicle tech.

/News
 

Top 10 richest musicians of all time

Check out the gallery to find out who they are!

 
 

Luxury living

Seven of the most expensive children's toys ever made
5 millionaires turned murderers
The youngest billionaires in the world and how they made it
Watch: Flying first class has never been this luxurious!
Horoscopes
Aquarius
Aquarius

You are active, busy and on a mission today. There may be a special person you wish to entertain and may put in the extra effort...read more

There are new stories on the homepage. Click here to see them.
 
English
Afrikaans
isiZulu

Hello 

Create Profile

Creating your profile will enable you to submit photos and stories to get published on News24.


Please provide a username for your profile page:

This username must be unique, cannot be edited and will be used in the URL to your profile page across the entire 24.com network.

Settings

Location Settings

News24 allows you to edit the display of certain components based on a location. If you wish to personalise the page based on your preferences, please select a location for each component and click "Submit" in order for the changes to take affect.




Facebook Sign-In

Hi News addict,

Join the News24 Community to be involved in breaking the news.

Log in with Facebook to comment and personalise news, weather and listings.