Claim that Le Riche took millions himself

Market News

Iol news.com reports that former Standard Bank financial advisor, Hein LeRiche is accused of fraud for selling clients shares in his own diamond mining company, Kimberly Consolidated Mining. The company was struggling, and LeRiche is accused of keeping R16m for himself.

Iol news.com reports that former Standard Bank financial advisor,  Hein LeRiche is accused of fraud for selling clients shares in his own diamond mining company, Kimberly Consolidated Mining. The company was struggling, and LeRiche is accused of keeping R16m for himself.

The story is quoted as saying:

In his report, Cilliers stated that transfers to Le Riche’s account had left the company on its knees with only R22 364 in its bank account – too little to fund basic operations and pay creditors – just six weeks after it listed on the Johannesburg Stock Exchange’s (JSE) parallel market AltX in May 2008. Cilliers claimed that a “total lack of governance” at the company threatened its ability to continue as a going concern.

To access the full story, click here.

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