Botha escapes R216m fine

A fine of around R216 million has been waived against crypto investor and fraud-accused Coenraad ‘Coenie’ Botha (69).Botha, who is currently on bail in Namibia in connection with 64 charges that include fraudulent money laundering, was slapped with this fine by the Financial Sector Conduct Authority (FSCA) of South Africa, as well as a 10-year debarment.He was fined after the FSCA investigated him based on allegations that he solicited funds from the public by promising unrealistic returns of 1% to 4% per week. It found that there was no financial product that offered those kinds of returns. The authority further reportedly found that Botha and his company, CBI Association, violated certain provisions of the South African Banking Act between 19 March 2019 and 6 January 2022.Both the fine and debarment were set aside after an agreement was reportedly reached. No further details about the agreement are known at this stage.Criminal caseApart from the trouble Botha has now avoided in South Africa, the Bank of Namibia (BoN) is also hot on his heels.BoN launched an investigation into his business and consequently filed a complaint against him and his Zimbabwean wife, Charlotte Murove, with the Namibian Police.Both were arrested on 11 March at the Buitepos border post near the Botswana-Namibia border after the police apparently received information that they were planning to flee the country. The complaint is related to an alleged Ponzi scheme the couple allegedly operated. The State alleged that the couple defrauded investors of almost N$163 million.The case is currently pending before the Windhoek Magistrate's Court. Botha and Murove are both free on bail.– kristien@nmh-hub.com.na

Botha escapes R216m fine

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Namibian Sun 2025-04-04

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Botha escapes R216m fine

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Namibian Sun 2025-04-04

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