Man scammed out of R45m

2013-06-14 09:26
Johan Oosthuizen (Susan Cilliers, Beeld)

Johan Oosthuizen (Susan Cilliers, Beeld)

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Pretoria - A Rustenburg businessman has lost R45m in a business scam and now has to sell wood in townships to survive.

Johan Oosthuizen, a father of three, had to take his son out of university to help with the wood-selling business, reported Beeld.

Oosthuizen’s misfortunes started in 2009 when he sold his company, Owl Communications and Mining Supplies, to Francois du Toit.

Du Toit, a convicted fraudster, was supposed to pay R20m in instalments by the end of 2010, but never made a single payment.

Oosthuizen later found out that the financial information about Du Toit which was provided by two “independent auditors” was not correct.

A forensic auditor who looked into the sale agreement said Du Toit had stripped Oosthuizen’s company and whenever money came in, he simply pocketed it without paying creditors, accounts or salaries.

Du Toit also failed to transfer contracts into his name, meaning Oosthuizen was liable for the debts he racked up. Eventually Oosthuizen lost everything, including his home, farm and several investments. 

The company has now been liquidated and Oosthuizen is taking legal steps against Du Toit, who has also been accused of defrauding others out of millions of rands.

Du Toit promised to meet reporters to tell his side of the story, but failed to arrive at the meeting.

 

Read more on:    mahikeng
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