CAPE TOWN – Dutch national Martin Lennard Korver, 59, has forfeited R13.4 million to the state following his conviction for defrauding Investec Bank Mauritius using a Somerset West guest house as collateral.
The Bellville Specialised Commercial Crimes Court sentenced Korver to 36 months of correctional supervision, which includes house arrest and community service, after he admitted to fraud, theft, and money laundering charges linked to a R6.8 million loan scam.
Korver, a permanent resident living in Plettenberg Bay, duped the bank into granting a loan by registering a mortgage bond on the four-star Albourne Guest House, owned by his former company, Cobow. He failed to inform his co-directors, Gustav Schaefer and Jan Eberhard Schliemann, that the property was being used as loan security.
According to NPA spokesperson Eric Ntabazalila, Korver linked company bank accounts to his personal ones without his partners’ consent. He used the falsified documents to obtain €442,602 (about R6.8 million) on behalf of Korevest Investments Group (Pty) Ltd, of which he was a director.
The court found that Korver’s actions left his company burdened with over R4.5 million in combined loan settlements and legal fees. Advocate Denzyl Combrink, prosecuting, emphasized that Korver exploited a position of trust for personal gain, resulting in severe financial damage to his business partners.
Korver reached a plea and sentencing agreement with the state. He received 10 years’ imprisonment for fraud and theft, both wholly suspended for five years, provided he commits no further offences involving dishonesty during that time.
As part of the forfeiture, Korver:
Must surrender R13.4 million to the state.
Agreed to a R1.2 million confiscation order, payable within five days.
Will transfer a 47% shareholding in Korevest to the Finserf Foundation as restitution.
His sentence includes 16 hours of monthly community service, strict supervision conditions, a ban on alcohol and drugs, and restrictions on travel outside his magisterial district. He must also attend rehabilitation programmes set by correctional services.
The court underscored the seriousness of his actions and the significant financial damage inflicted on his partners and business associates.
