South Africa yacht brokers charged with fraud
By IBI Magazine
Two yacht brokers in Cape Town have been charged with fraud in connection with three companies they operated. Paul and Nicole Hough were also charged with contravention of the Organised Crime Act. They were released last week on bail of R25,000 each. According to a story in The Star, the couple allegedly sold yachts and charter vacations, but did not follow through with the charter services or sold faulty vessels. The couple had interests in Charter Cats (Pty) Ltd, Multihill Builders CC and International Yacht Brokers (Cape) (Pty) Ltd. Charter Cats, which operated for years in Durban and later in Cape Town, was liquidated in 2007. Buyers of Charter Cats in the US and other countries, according to the story, complained about defects in their yachts after delivery. Investors in the company reported the couple to South African authorities after suffering what they claimed to be huge financial losses. Police Captain Frederick van Wyk told the paper the Houghs had used company funds to finance their personal lifestyle. More arrests in the case could follow.
(19 October 2009)
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