Man scammed out of R45m

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

Johan Oosthuizen (Susan Cilliers, Beeld)

Multimedia   ·   User Galleries   ·   News in Pictures Send us your pictures  ·  Send us your stories

kalahari.com

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
NEXT ON NEWS24X

SHARE:

Read News24’s Comments Policy

24.com publishes all comments posted on articles provided that they adhere to our Comments Policy. Should you wish to report a comment for editorial review, please do so by clicking the 'Report Comment' button to the right of each comment.

Comment on this story
128 comments
Comments have been closed for this article.
 

Inside News24

 
/News
 
Traffic
Lottery
 
  • Tuesday Mitchells Plain - 19:35 PM
    Road name: M7 Vanguard Drive
    ROADWORKS - traffic restrictions between the R300 and Highlands Drive - expect delays
  • Tuesday Belhar - 17:58 PM
    Road name: Belhar Drive
    TRAFFIC LIGHTS not working at Alabama Drive
 
More traffic reports...
 

Jobs in Cape Town [change area]

Property [change area]

Travel - Look, Book, Go!

Magical Massinga

Spend 5 nights at the gorgeous Massinga Beach Lodge in Mozambique and only pay for 4 from R13 220 per person sharing. Includes return flights, accommodation, transfers and romantic turndown. Book now!

Kalahari.com - shop online today

Up to 60% off - clearance sale!

Save up to 60% on appliances, books, electronics, toys, movies and more. Offer valid while stocks last. Shop now!

Deal of the Week!

Get bestselling John Green novels now just R99 each! Hurry and get yours while stocks last. Shop here.

Mind blowing deals on beauty & fragrances

Save up to 30% off beauty and fragrances. Offer valid while stocks last. Shop now!

Up to 50% off hair care products!

Save up to 50% on professional hair care products at kalahari.com. Offer valid while stocks last. Shop now!

30% off academic books

Score a mind blowing 30% off academic books! Offer valid while stocks last. Shop now!

OLX Free Classifieds [change area]

Samsung Galaxy s4

Mobile, Cell Phones in South Africa, Western Cape, Cape Town. Date October 24

Best bargain in big bay

Real Estate, Houses - Apartments for Sale in South Africa, Western Cape, Cape Town. Date October 25

VW Golf 6, 1.6 Trendline (Excellent condition)

Vehicles, Cars in South Africa, Western Cape, Cape Town. Date October 25

BlackBerry Curve 3G 9300

Keep it together Text. Email. Social. With all the different ways to...

From R2499.00

I'm shopping for:

Horoscopes
Aquarius
Aquarius

It is always easier to look out and see what needs changing. Looking in is a lot harder... Today you may need to look at what...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.