Two Mauritius-based funds, managed by a South African, face big losses as a result of the Herman Pretorius homicide, notes a Moneyweb report.
On 26 July Herman Pretorius shot dead his former business partner, Julian Williams, and then himself, according to the report which says it was later revealed that Pretorius had been operating a R3.1bn Ponzi scheme. Williams was CEO of private-equity company Basileus Capital. He was also associated with JSE-listed BK One, which has its entire R200m portfolio invested in four Basileus-related companies. The homicide created problems for BK One, because Williams played a key role in its investments, says the report. It notes the biggest investor in BK One is a Mauritius-registered fund called Four Elements PCC. The second-biggest holder of BK One shares, with a 17% stake, is a fund called Two Seasons PCC, also registered in Mauritius. The report notes that according to Bloomberg fund descriptions, both Four Elements and Two Seasons are managed by South African fund manager Cobus Kellermann.
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