Mercantile Bank was sued because of alleged conspiracy with a fraudster who carried out illegal asset stripping worth R350 million.
Alert Steel asked the court for damages of almost R350 million, which is manipulated by Rayheen Hassim, Mercantile Bank and Westlake Trade and Investments in what is believed to be an illegal liquidation process was in 2014.
Meanwhile, ArcelorMittal SA joined Alert Steel in the application. According to the legal representatives, the liquidation application was a conspiracy between the defendants and a violation of the Insolvency Act.
Mercantile Bank’s Karl Kumbier has indicated that they will oppose the application as he believes the application contains many factual inaccuracies.
Read the original article in Afrikaans on Die Vryburger
South Africa Today – South Africa News