By Moira Schneider Cape Town and Dan Goldberg Sydney, June 18, 2009
A Jewish businessman has been accused of masterminding South Africa’s largest ever corporate fraud, scamming 400 investors out of some £730 million in a giant pyramid scheme.
Barry Tannenbaum, 43, allegedly promised investors returns of up to 200 per cent from his company, Frankel Chemicals. He told them he was importing raw materials for the manufacture of HIV drugs by some of South Africa’s pharmaceutical giants, including Adcock Ingram, founded by his grandfather, Hymie. Forged documents were reportedly used to persuade investors that their money was secure.