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CT pastor's assets worth R138m frozen

Pastor Collin Davids’ pyramid scheme Platinum Forex had its assets seized by the NPA.

The National Prosecuting Authority (NPA) has frozen a Cape Town pastor's assets worth R138 million. Picture: EWN.

CAPE TOWN - The National Prosecuting Authority (NPA) has frozen a Cape Town pastor's assets worth R138 million.

The Western Cape High Court granted an order to seize the assets of Platinum Forex - a pyramid scheme - whose sole owner is pastor Collin Davids.

In affidavits filed by the asset forfeiture unit, it said platinum forex had collected more than R100 million from members of the public under the guise of being a lawful investor.

The NPA says thanks to the Hawks financial intelligence centre and financial services board, it has saved hundreds of investors who had invested in Platinum Forex.

Court papers filed by the Asset Forfeiture Unit allege that Platinum Forex contravenes various financial service laws as it is not registered as a financial service provider, yet provides these services.

Among the assets confiscated are two properties owned by Davids, one in Hermanus, the other in Plattekloof, and luxury vehicles.

The Hawks are investigating criminal charges against him.

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