Saambou managers acquitted of fraud

The Pretoria High Court has discharged two men who faced charges involving some R640 million in relation to the collapse of Saambou Bank in 2002.

This comes after lawyers for Gerhardus de Clercq and Charles Edwards -- former senior Saambou bank managers -- argued there was not enough evidence to convict them on 13 charges, including fraud, theft and contravening the Companies Act.

In handing down judgment, Judge Willem van der Merwe said there was no evidence that the men were responsible for the collapse of the bank or that they personally gained.