Barwa succeeds against ponzi master mind

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Arrest warrants issued for Tannenbaum, Rees

Interpol to be contacted to help wi...

Barwa after assets of Tannenbaum associate

Court proceedings started in June.

Court orders provisional sequestration of Dean Rees' estate.

JOHANNESBURG - Qatar based Barwa Real Estate Company QSC was successful today in its bid to sequestrate the estate of alleged Ponzi mastermind Dean Rees in the South Gauteng High Court. In its founding affidavit Barwa alleges that Rees fraudulently, and as part of the alleged Ponzi scheme, misappropriated a sum of at least US$ 12,7 Million and together with Tannenbaum is liable for a sum in excess of US$ 30 Million which Barwa had made available for purposes of financing the purchase of active pharmaceutical ingredients. The sequestration application was launched on behalf of Barwa by its attorneys, Dewey & LeBoeuf and was heard by Judge Mohamed Jajbhay on Tuesday 27 October 2009 following a freeze order which was obtained by Barwa against the assets of Dean Rees on 1 September 2009.

Judge Mohamed Jajbhay ordered that the estate of Dean Rees be placed in provisional sequestration and that Rees be called upon to advance reasons why thesequestration order should not be made final before the 9^th of February 2010. The judgment comes a day after confirmation by the Minister of Finance, Pravin Gordhan in his Medium Term Budget Policy Statement that warrants of arrest have been issued for Dean Rees and Barry Tannenbaum for their alleged participation in South Africa's largest Ponzi scheme which is estimated to have involved at least 12,5 Billion Rands in financial transactions. The Ponzi scheme involved at least 8 foreign jurisdictions and is reported to have fleeced some of South Africa's most accomplished businesspeople.

The Managing Partner of Dewey & LeBoeuf's Johannesburg Office, Greg Nott said that "It has taken a dedicated and committed effort to ensure that the rights of our client are protected and enforced. We are happy with the result and more so pleased to see that the court has taken due cognisance of the overwhelming evidence placed before it. We are confident that our client and other international companies will take comfort in the willingness of our government and criminal authorities to bring suspected criminals to book as well as our courts ability to dispense justice and to look after the interests of foreign investors. We have not only enjoyed the confidence of the High Court, but have also actively engaged a very competent and capable task team which we understand has the full backing of our Minister of Finance."