Directors Duties and Liabilities in RSA

[Asterix]

Hi all.

I worked in RSA for many years in middle and upper management before working overseas and progressing to Directorship (several). A friend of mine has just advised me that a small Finance company director in Gauteng recently closed a string of businesses of which he was a Director, with his wife by voluntary liquidation through CIPRO and mysteriously declared all the accounts, records and assets (including the entire Debtors book) - along with R30 million of investors funds missing.

Now, I am not sure how things work in RSA these days, but as far as I know The Companies Act and Crown Law still apply. The company was called Dr DS Grieve Bridging Solutions and most of the "victims" are former patients, elderly, sick and retired pensioners. This can be confirmed by a simple Google search on Dr DS Grieve or Dr David Stephen Grieve which will also lead you to The Green Gazette as well as a large number of reports, photographs and even a CIPRO extract. Not surprisingly, these all follow one train of thought - and where there is smoke, there is generally fire....

Thoughts are that the only reason for this must be to cover for massive fraud and embezzlement. Any thoughts on this most welcome - I am inquiring on behalf of one of the elderly stuck now in poverty in RSA, old, infirm and in trouble....

Would be very very interested in any perspective on this especially from any other Directors around....especially any finance company or business Directors....