28-05-2025
Accountant in R27m yacht fraud case takes stand for 13th day
A private auditor has spent 13 days in the witness box, fielding questions about his efforts to trace funds on behalf of a complainant who invested millions in a failed yacht building enterprise.
When he returns to court on Thursday, Imraan Lockhat of Lockhat Incorporated will continue his testimony in the R27m fraud case against former business partners Tim van der Steene and Ryan Osbourne.
The accused, who were the managing director and financial director of luxury yacht building companies in St Francis Bay, face charges of fraud and reckless trading as the state alleges they defrauded clients out of millions of rand by failing to deliver their 50-foot luxury yachts as promised.
Lockhat was appointed by UAE businessman Sultan Ahmed Ghunoum Al-Hameli to scrutinise the books of Tag SA and Tag 50, after he raised suspicions that the accused were milking him for millions to keep their failing businesses afloat.
However, their alleged farce was uncovered in 2017 when one of the enterprises was placed in business rescue and the other was liquidated, leading to massive financial losses for Al-Hameli and other clients.
During cross-examination on Wednesday, advocate Herman Wildenboer, representing Van der Steene, tried to poke holes in the state's case by grilling Lockhat on the evidence and figures he provided during his evidence in chief.
Van der Steene and Osbourne are out on bail.
The trial continues.
The Herald
