Judgment is expected to be handed down in the Bellville Specialised Commercial Crime Court, Cape Town, on Monday in an application to quash a multi-million rand fraud charge.
The charges are against David Warren and Melvyn Ivor Cunningham, accused of duping former Fidentia CEO J Arthur Brown into purchasing shares worth R160 million in the company Webworths.
Prosecutor Max Orban alleges the shares were worth much less, and that the transaction, which took place while Brown was Fidentia CEO, was based on false financial statements which chartered accountant David Warren prepared and audited.
At the time of the transaction, between 2005 and 2006, Webworths was owned by the MI Cunningham Trust, which Cunningham owned.
Both Warren and Cunningham are to go on trial for fraud later this month if the court rejects the application to quash the charge.
In proceedings on Friday, Michael Hellens SC, for the defence, told magistrate Sabrina Sonnenberg the charge sheet had to provide the accused with adequate details of the charge, to enable them to prepare a defence.
Hellens said the details Orban furnished were so inadequate as to compel the court to order the charge quashed.
Application to quash fraud charge
Judgment is expected to be handed down in the Bellville Specialised Commercial Crime Court, Cape Town, on Monday in an application to quash a multi-million rand fraud charge.
The charges are against David Warren and Melvyn Ivor Cunningham, accused of duping former Fidentia CEO J Arthur Brown into purchasing shares worth R160 million in the company Webworths.
Prosecutor Max Orban alleges the shares were worth much less, and that the transaction, which took place while Brown was Fidentia CEO, was based on false financial statements which chartered accountant David Warren prepared and audited.
At the time of the transaction, between 2005 and 2006, Webworths was owned by the MI Cunningham Trust, which Cunningham owned.
Both Warren and Cunningham are to go on trial for fraud later this month if the court rejects the application to quash the charge.
In proceedings on Friday, Michael Hellens SC, for the defence, told magistrate Sabrina Sonnenberg the charge sheet had to provide the accused with adequate details of the charge, to enable them to prepare a defence.
Hellens said the details Orban furnished were so inadequate as to compel the court to order the charge quashed.
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