Ex-stockbroker gets bail in N$9m fraud case
Written by on June 14, 2024
A former stockbroker accused of committing fraud through the unauthorised sale of shares worth N$9 million has been granted bail in the Windhoek Magistrate’s Court after spending four weeks in custody.
Magistrate Dawid Mukuyu granted Liaan de Kock (40) bail in an amount of N$25 000 on Tuesday, after public prosecutor Eric Naikaku informed him that the state is no longer opposed to De Kock’s release on bail.
De Kock was arrested about four weeks ago on a charge of fraud.
The state is alleging that he defrauded stockbroking firm Simonis Storm Securities, where he was previously employed, by pretending he had the right to transfer shares worth N$9 million, when he in fact did not have the authority to sell shares belonging to clients of the firm.
Simonis Storm Securities has in the meantime filed an application in the Windhoek High Court to have De Kock declared bankrupt.
In the application, which is scheduled to be heard in court today, Simonis Storm Securities firm is claiming that De Kock’s fraudulent sale of shares has cost the firm about N$9 million.
Simonis Storm Securities alleged in a first case filed against De Kock in the Windhoek High Court near the start of May that it had discovered that shares belonging to clients of the firm had been sold without their authorisation and part of the proceeds of the sales were channelled into a bank account of De Kock.
The firm also claimed it had discovered that De Kock had Standard Bank Namibia shares worth about N$1,2 million that belonged to a client of the firm transferred to his wife.
The court was informed that De Kock was employed by Simonis Storm Securities from August 2017 to 15 February this year.
Simonis Storm Securities managing director Bruce Hansen alleged that, except for the transfer of the Standard Bank Namibia shares, it was discovered that De Kock had sold shares worth about N$7,6 million without authorisation from the owners of the shares.
In the application for the provisional sequestration of De Kock’s estate, the value of shares alleged to have been fraudulently sold by De Kock has increased to N$8 million.
Hansen also says clients of the firm have lost dividend payments amounting to about N$918 000 as a result of the sale of their shares.
De Kock sold shares without authorisation under the name of one Connie van Tonder, with close to N$6 million paid into Van Tonder’s bank account by Simonis Storm Securities from 2021 to 2024, Hansen says in a sworn statement filed at the court.
He also says an investigation done by his firm has revealed that De Kock received numerous payments, running into millions of Namibia dollars, from Van Tonder into his personal bank account.
Hansen says in his affidavit that Simonis Storm Securities is liable to compensate clients of the firm against all losses they have suffered due to the unauthorised sale of their shares.
The firm has already repurchased the shares that were allegedly fraudulently sold, Hansen says.
Mukuyu granted De Kock bail on condition that he surrender all travel documents in his name to the police officer in charge of the investigation of his case and may not leave the Windhoek district without the investigating officer’s written permission.
De Kock should also report at the head office of the police in Windhoek every Monday and Friday and may not go near the Simonis Storm Securities offices in Windhoek, Mukuyu ordered.
De Kock has to appear in the Windhoek Magistrate’s Court again on 11 September.
He is represented by defence lawyer Mekumbu Tjiteere.
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