Botha and Brand were at the helm of Sharemax for about 10 years, persuading almost 40 000 people to invest some R5 billion in the 50 property syndications operated by the company, says the City Press report.
Sharemax investors this week intend bringing an urgent court application to declare the company bankrupt and to freeze the assets of both Botha and Brand. Among the assets that they are after, reports City Press, is the Scuba Scene, a luxury yacht owned by the Willem Botha Family Trust. It is moored in the Egyptian port of Hurghada and is believed to be worth about R120 million.
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