Sunny Gayadin and his family's millions in foreign banks, local money, and Durban and Dundee properties, are now held in trust, pending an action for them to be forfeit to the state. This order was made by Judge Kondile in the Pietermaritzburg High Court on Friday. The curator who is to assume control over the assets is chartered accountant John Waymark of Ernst and Young. Gayadin assented to the order.
In another court on Tuesday, Gayadin and a close corporation admitted liability for damage to the historic Buchanan Street swimming pool in Pietermaritzburg. The pool was closed for six months when its buildings were damaged by illegal demolition of a building ordered by Gayadin.
In Friday's case, Scorpions staff said the vast amounts of money and properties were the proceeds of the Gayadins' illegal casinos. In November 2000 Gayadin paid an admission of guilt fine of R248 250 in the Durban regional court for illegal gambling. Scorpions chartered accountant Keith Flack said the amounts held overseas were transferred in contravention of the exchange control regulations. He said the family's legitimate business interests made a profit of R458 404 from 1995 to 2000, which allowed him to say the Gayadin assets were the proceeds of illegal casinos.
Money held in foreign banks includes R1 324 620 in Barclays Bank in the Isle of Man and R9 091 778 in Standard Charter Bank, Jersey. Also held in trust are local financial assets totalling R1 480 094, properties at 158 West Street, Durban, and 63 Victoria Street, Dundee.
Source: IoL
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