Two company directors from PE who are accused of duping investors out of more than 17 million rand have been granted bail in the Magistrates Court on Thursday.
The 31-year-old Michael Rathbone and his partner, 29-year-old Leon Lewitton, appeared in the Port Elizabeth Magistrates Court, where they were granted bail of R50 000 each.
Rathbone and his husband Lewitton were arrested by the Hawks in November for illegally operating an investment company known as Helping Hand Investment (PTY) LTD between June 2016 and July 2019.
In handing down judgment, Magistrate Xolisa Dlolisa, said while the State believes they have a strong case based on a stringent on evidence presented in court no other basis exists at which to refuse bail.
Dlolisa added, that although the charges they face are a schedule 5 offence, the law states that accused persons be presumed innocent until proven guilty.
The pair face a total of 193 charges which include fraud and theft.
According to the Hawks the two allegedly recruited investors within Port Elizabeth and surrounding areas and promised a 15% to 45% return per annum.
According to the State the company is not an authorised Financial Service Provider and there were no records of any application from the company to be registered as such.
As part of the bail conditions, the pair is not allowed to conduct any business with their investment company and they may also not interfere with State witnesses.
The case was postponed to the 7th of February for further investigation.
