Developer to launch legal case against Barry Tannenbaum, accused of $1.9bn fraud.
Barwa Real Estate Co
expects to recover 70-75 percent of financing provided to South African Frankel, owned by business man Barry Tannenbaum who is accused of a $1.9bn corporate fraud.
expects to do so through legal proceedings in jurisdictions where those culpable reside or are believed to have recoverable assets," it said on Tuesday.
, a unit of the property arm of Qatar's sovereign wealth fund, said in June it had stopped a $40m revolving credit facility to Frankel International which the company had not completely used.
A South African judge has appointed three trustees to manage assets seized from Tannenbaum and to investigate allegations he defrauded investors of up to 15 billion rand ($1.9bn).
In July, a source close to the matter said Tannenbaum had admitted to forging documents to deceive
, citing an affidavit used by
in a British court application to freeze assets of a lawyer affiliated with Tannenbaum.
South African authorities are seeking a global freeze of the assets of Tannenbaum. (Reuters)