Global & Local Founder Michael Haldane Responds to Allegations in BHI Trust Ponzi Scheme Case

Recent developments in the ongoing investigation of the R3bn BHI Trust Ponzi scheme have put a spotlight on Michael Haldane, the founder of Global & Local Investment Advisors (GLIA). The South African financial community was stirred when an article by BizNews implicated that funds from the scheme may have been directed to an intricate network of offshore companies.

However, Haldane vehemently denies these allegations and has engaged legal representation to address the situation. Heetesh Sureshbhai Patel of HSP Attorneys, Haldane's chosen counsel, has issued a formal demand to BizNews to retract the contentious article, arguing that it has defamed GLIA and Haldane by intimating that they profited from the illicit activities of BHI Trust and its trustee, Craig Warriner.

BizNews, which had initially sought a response from Haldane to a series of questions related to their offshore entities' inquiry, has been met with silence up until the attorney's recent communiqué. Following the published article, a major repercussion occurred when Investec Bank announced it would close all accounts associated with Global & Local, evidencing the tangible effects of such allegations.

Patel insists that BizNews' story contains "untrue, false, and defamatory statements" against his clients. The demand was clear: remove the implicating content until Haldane and GLIA can issue a full response. While the article in question has since been modified to exclude mention of Haldane and GLIA, the attorney's letter did not shy from intimating potential legal action, including claims for damages if the request was not honored promptly.

Global & Local's founder's forthcoming response is much anticipated by the South African financial sector, media, and the public, as it represents an essential chapter in the unraveling saga of the BHI Trust Ponzi scheme. The broader implications for the financial advisory industry and the importance of due diligence and regulatory oversight are under scrutiny in the light of such significant fraud allegations.

The South African justice system, characterized by its robust legal processes, is expected to facilitate a fair and transparent investigation into the accusations against Haldane and GLIA. As the matter moves forward, all eyes will be on the response from Haldane, which could set a precedent for how financial institutions handle and respond to allegations of involvement in fraudulent schemes.