Cape Town – The Bellville Commercial Crimes Court has postponed the long-running case of Colin Davids, the pastor accused of running a multimillion-rand Ponzi scheme, to November 29.

Davids, of the New Directions Church in Parow, ran a company called Platinum Forex. He appeared in court with co-accused Derek Bredekamp, who was arrested in 2018 by the Hawks for colluding with Davids.

Bredekamp worked as Platinum Forex’s marketing manager.

NPA spokesperson Eric Ntabazalila said the two stand charged with 100 counts of fraud, a count of money laundering, a count of Contravention of Financial Advisory and Intermediary Services Act, and a count of the Contravention of the Banks Act.

The case goes back to 2015 when the Western Cape High Court granted the provincial National Prosecuting Authority’s Asset Forfeiture Unit (AFU) an order freezing R138 million in assets belonging to Platinum Forex and Davids.

In affidavits filed in court, the AFU presented evidence that Platinum Forex, a close corporation based in Parow, unlawfully collected more than R100 million from unsuspecting members of the public under the guise that it was a lawful investor that invests in foreign exchange investments, also known as forex.

In April 2017, Davids lost the first round of the case in court after a judge ordered that R100 million in funds be handed back to his investors.

At the time, the court said that of the more than R300 million that was initially invested in Platinum Forex, only about R100…

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