Delay in Ponzi scheme trial

A Durban regional court magistrate on Monday grilled Ponzi scheme accused Goodman Goqo about his failure to notify the State that he had appointed a new attorney.

Goqo, who is in custody, was meant to go on trial on Monday on about 4 000 counts of fraud and contravening the Banks Act, but the case had to be adjourned for his new attorney Professor Mdletshe, to familiarise himself with the case.

According to the charge sheet, Goqo’s company Ingede Mineral Holdings had operated as a bank and undertook to manage about R80 million received from more than 3 000 investors.

Goqo allegedly told investors that their money would be invested in the stock market and that their capital was guaranteed. He also promised a return of 30 percent over six months.

Instead, the money was allegedly used by Goqo to fund his lavish lifestyle.

On Monday, Goqo’s advocate Thulani Shange, told magistrate Siphiwe Hlophe that he was withdrawing from the case as he had been informed that another attorney had been instructed to deal with the matter.

Goqo said he had not seen Shange for a “long time” and had not consulted with him to prepare for the trial.

State advocate Joanna de Beer said she was ready to proceed with the trial and had subpoenaed an expert witness, forensic auditor Eckhard Volker, to testify on Monday.

“The accused has been given a reasonable opportunity to have (secured) legal representation. This case has been adjourned three times in this court for his counsel to get instructions. The expert witness had to cancel commitments, including training at the South African Institute of Government Auditors, to be present for the two weeks that this trial was set down for.”

She added that 40 other witnesses had also been subpoenaed to testify.

Mdletshe said he would need time to prepare for the trial, and the case was adjourned to April 25. - The Mercury