Coenraad Botha fined R216 million for CBI Global fraud
Coenraad Botha has been fined R216 million ($11.3 million USD) by South Africa’s Financial Sector Conduct Authority (FSCA).
Botha, a licensed lawyer in South Africa, has also been disbarred for ten years.
The FSCA’s investigation into Botha, full name Coenraad Barend Nolte Botha, pertains to his CBI Global Ponzi scheme.
The FSCA began investigating Botha in 2022. This led to a securities fraud warning pertaining to CBI Global and predecessor Uhuru Tribe.
In handing down Botha’s penalties on March 28th, the FSCA noted further investigation revealed
there was no legitimate financial product or investment activity that generated the purported returns paid to the investors by Botha and CBI entities.
Grouping Botha in with “fraudsters operating scams”, the FSCA urged South Africans to
act with care when investing their funds. There are many fraudsters operating scams, and the number is growing.
South Africans lose millions of rands every year to fraudsters. Illegal operations are sometimes well-disguised as legitimate operations.
In addition to South African authorities fining and disbarring him, Botha and wife Charlotte Murove were arrested twice in Namibia over the past fortnight.
Namibian authorities have charged with CBI Global related financial crimes. Bail proceedings have been playing out in court throughout the week.
Concerns have been raised about Botha fleeing Namibia for either South Africa or Dubai. Following the FSCA’s fine it seems unlikely Botha would flee to South Africa.
Should Namibian authorities fumble the bag, Botha fleeing to Dubai to escape charges in Namibia and his South African fine is a very real possibility.
Update 8th June 2024 – Somewhat predictably, Namibian authorities failed to present a case at Coenie Botha’s April bail hearing. This saw Botha and Charlotte Murove released on bail.
Update 3rd November 2024 – The FSCA has set aside Coenie Botha’s CBI Global fraud penalties.
Mirror Trading International elephant in the room.
Biggest albino elephant in history.
One wonders what the previous Mrs Bothas have to say about this.
“She looks old enough to be our granddaughter Coenie!”, probably.
“Ag siestog Koenie! Not only could you not keep it in your pants, you couldn’t keep your hands out of other peoples’ pockets and you couldn’t even stick to your own race group!
Which was a crime in Namibia and South Africa until you were in your forties and you helped enforce! My genade!”