The estate of Daisy Mogale, the businessperson allegedly behind a series of investment scams, has been provisionally sequestrated.
Judge Hennie de Vos this week granted an order in the North Gauteng High Court in Pretoria to the South African Revenue Services (Sars), provisionally sequestrating Mogale’s estate, but giving her until May 10 to give reasons why she should not be finally sequestrated.
Mogale, the woman behind Young Star Traders CC and Young Star Investments, owes the taxman over R5 million.
Sars legal manager Jessica McClusky said in court papers criminal charges were currently pending against Mogale, 53.
This following a Sars investigation into the Young Stars investment schemes, whereby investors agreed to buy stock by providing Young Stars with funds, which then purportedly sold the stock but would only pay the investor once the stock had been sold.
McClusky said their investigations revealed that the “purchase agreements” were in fact a scam to obtain investors.
It was also discovered that Mogale was the common link between the entities under investigation and the main perpetrator of the investment scam.
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Young Stars was liquidated that same year and investigations were also conducted in the Western Cape into the affairs of Mogale and Young Stars with one investor complaining that the substantial returns they once received had dried up despite their continued investments.
An investigation revealed that Mogale had a monthly income and withdrawals of R1,35 million.
McClusky said Mogale was difficult to track down to serve a writ of execution as she continuously gave different addresses – allegedly in order to delay or evade the payment of her debts.
Sars argued that Mogale was hopelessly insolvent as the money in her bank accounts and the value of her four vehicles would not cover her tax debts.
She apparently owned no other property. Mogale opposed the application.
She denied trying to evade payment of her debts and said she intended challenging her tax assessment.
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