During Monday's proceedings at the Western Cape High Court, a witness recounted how Nafiz Modack had made extraordinary efforts to recover a lost investment on his behalf. Urging the court to investigate the asset manager to whom he had entrusted his funds, the witness highlighted the severity of the situation.
During Monday’s proceedings at the Western Cape High Court, a witness recounted how Nafiz Modack had made extraordinary efforts to recover a lost investment on his behalf.
The manager reported being coerced into a meeting with Modack’s co-accused, Jacques Cronje, where he was compelled to sign an acknowledgement of debt for the failed investment capital and associated fees. According to Mr C’s testimony, Maharaj had opted for a ‘high-risk’ portfolio in pursuit of higher returns, a strategy that ultimately led to his financial downfall.
Testimony revealed that Modack orchestrated debt collection operations, handling between 30 and 40 cases monthly. His fee structure entailed charging 30% of the total recovered, with 10% allocated to Modack and 20% to the collector—in this instance, Cronje. Ultimately, Maharaj never recouped his funds, while Cronje faced arrest for intimidation. Subsequently, Mr C encountered threats of violence if he failed to retract his complaint against Cronje. Mr C attested that Kinnear dissuaded him from doing so, expressing a commitment to seeing the matter through.
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