Tannenbaum yesterday called the allegations “outrageous” in an e-mailed response to questions. He said he has no plans to return to South Africa, adding that his legal team will travel to the country.
SHOOT: Guess that means he's not sorry. Not yet anyway.
June 18 (Bloomberg) -- First National Bank froze the bank
accounts of Barry Tannenbaum to comply with a court order in the
probe of what may be South Africa’s biggest ever fraud, a bank
spokeswoman said. The Johannesburg-based bank, known as FNB, is working with
the South African task team set up on June 14 to investigate
Tannenbaum, who is accused of running a Ponzi scheme worth as
much as 15 billion rand ($1.8 billion), Virginia Magapatona, a
spokeswoman for FNB said in an e-mailed response to questions
today. Tannenbaum has repeatedly denied the allegations. “The bank is cooperating with the task team,” Magapatona
said, declining further comment. Tannenbaum
sought people to finance the importation of pharmaceutical raw
materials, providing guarantees that he had entered contracts
with drugmakers, according to investigators hired by investors
in his funds. Aspen Pharmacare Holdings Ltd. and the South
African Reserve Bank have said he forged documents under their
name. |
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