Trial of Saambou three postponed

The trial of three men facing charges relating to the collapse of Saambou Bank will be heard next year. Willie van der Merwe, a judge, postponed the trial of Gerhardus de Clercq, Johan Myburg and Charles Edwards to January 28 next year.

Van der Merwe extended bail of R50 000 each until the men's next appearance. The three face ten charges of fraud, one of theft and two of contravening the Companies Act. The state alleges they prevented information on the failing financial status of Saambou Bank and Saambou holdings being disclosed to shareholders, depositors and investors.

Saambou Bank was placed under curatorship in February 2002 by which time it had a net deficit in assets of about R2 million. De Clercq was general manager of the Saambou Holdings Group Financial and later of Strategic Alliances.

Myburg and Edwards were both executive directors of Saambou Holdings and Saambou Bank. - Sapa