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Two provisional trustees have been appointed by the Master of the Gauteng High Court in Johannesburg to take charge of the finances of the HBI Trust, which is being probed as a possible Ponzi scheme that may have cost investors millions of rands.
The trust was provisionally sequestrated last week in an application brought by Cawood Attorneys, who invested over half a million rand in the trust.
The appointment of the two provisional trustees comes about three weeks after trustee Craig Warriner appeared in court on fraud charges after allegedly handing himself into police. Warriner is a former chairperson of the Old Boys Association of St Stithians College in Johannesburg.
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