Jeffreys Bay Businessman Convicted of R4.4 Million Fraud

On Friday in the Specialised Commercial Crimes Court in Gqeberha, a fraudulent plot that involved a sum of R4.4 million revealed its tale and claimed its perpetrator, Gregory Ferguson. Now 53 years old, the co-director of the Cob Creek Estate stood to face his conviction, echoing a seven-year fraudulent saga that spanned from 2005 to 2011.

Ferguson utilized the company, established for the construction of a residential Golf Estate, wine farm and restaurant in Kabeljous, Jeffreys Bay, as his facilitating platform. It was here that he spun a deceitful web that ensnared innocent investors and his unsuspecting co-directors. Being the sole signatory on the company's bank account, Ferguson manipulated investors into funding a development that was never to come into fruition.

Hawks Warrant Officer Ndiphiwe Mhlakuvana shared the details that unfolded throughout the investigation. He revealed how auditors picked up discrepancies in 2016, which resulted in the matter being escalated to the Hawks. The in-depth investigation unveiled the staggering losses suffered by investors, amounting to over R4.4 million that were consequently used by Ferguson for his personal gain.

Ferguson's sentencing is scheduled for the 31st of January next year, following his arrest in December 2016. This concludes a multi-year journey to justice, marking a decisive end to yet another high-stakes fraudulent project within South Africa's corporate landscape.