Eating out of his hand

August 5th, 2009


The curse of exchange controls could be to blame for so many of South Africa’s otherwise astute rich falling for Barry Tannenbaum’s wiles. It seems Tannenbaum offered investors a conduit called transfer pricing to take their money out of the country. The aim was to shift offshore some of the enormous profits he promised them.

With nearly R2-billion missing and more losses to surface, SA-born Tannenbaum, now living in St Ives in Australia, may have created the country’s largest Ponzi scheme. A Financial Mail investigation showed a trail of deceit that looks set to eclipse Masterbond and Fidentia as South Africa’s biggest investment disaster.

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