R160m fraud: 10 directors set to resign after father and son allegedly stole millions from investment company

R160m fraud: 10 directors set to resign after father and son allegedly stole millions from investment company

The Citizen has reliably learnt that at least 10 directors of Durban-based investment company Amaanat Investment Holdings (AIH) are expected to resign after a forensic audit report revealed that a father-and-son allegedly stole millions of rands from the company.

The theft was allegedly made through fraudulent and unauthorised payments.

Earlier this month, The Citizen revealed that the former chief executive officer (CEO) and board member, 68-year-old Hussun Abdool Khalek (HAK) Omar along with his 41-year-old Mahomed son, Hussun Omar, who was a company director at the time, were implicated of the alleged theft in the forensic report.

According to the forensic report by Integrated Forensic Accounting Services, the matter dealt exclusively with the allegations of improper and unauthorised payments classified as share issue expenses, of which a substantial amount was allegedly misappropriated by HAK Omar.

The report by Integrated Forensic Accounting Services revealed expenses totalling R160 million were debited against stated capital over a period of approximately 10 years.

Furthermore, related payments were made by Amaanat Investment Holdings to either the Kreston or the Kreston Agency account.

The forensics report also revealed a significant portion of the millions of rands were used by HAK Omar for his personal benefit and that the contention of entitlement of the money as “anticipated fees” is unsustainable.

Integrated Forensic Accounting Services also said the investment company should consider registering a criminal complaint with the South African Police Services (Saps), seeking further police investigation into the alleged fraud and corruption by HAK Omar.

Following the release of that report, Amaanat Investment Holdings has since issued a notice of a special general meeting (SGM) to the shareholders of the company which The Citizen has in its possession.

The notice states that the main purpose of the meeting is to note the resignations of certain directors who have indicated their intention to resign, with effect from when the SGM closes, and to appoint 10 new directors.

However, the notice did not specifically state the reason for the resignation of the directors or if it is related to the alleged theft of millions of rands.

“The directors who will resign are El Bana, HY Essack, ICR Moosa, CR Moosa, MF Moosa, SA Moosa and YM Park. The outgoing board of directors have undertaken to make themselves available to assist in any way possible during and after the transition to the new board of directors. In November 2021, Hussun Abdool Khalek Omar, and Mahomed Hussun Omar resigned as directors,” the notice said.

“In addition, Shafique Ismail Akoonjee, due to other commitments, resigned as a director in March 2022,” the notice said.

The notice also said that all nominees will be carefully considered to ensure that such persons have the appropriate skills to serve on the board before the nominees are finalised as being eligible for election.

Amaanat Investment Holdings in the notice said it had engaged audit firm Nexia Levitt Kirson to screen all board nominations and to finalise the list of nominees.

“Shortly after 1 April 2022, a further notice will be sent to all shareholders containing the final list of nominees, as well as proxy forms for completion by shareholders who can instruct their proxies to vote on their behalf at the SGM.”

The Citizen contacted AIH for comment, but there was no response at the time of publishing this story.

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