Gambler Crashes Out
May 18, 2005
Logan Govender
More than 2 000 people, many of whom invested their life savings, pension payouts and insurance benefits totalling millions of rands, fear they may be left high and dry after the estate of a Pinetown professional casino gambler was finally sequestrated in the Durban High Court last week.
Among the many people who put their money in Global Investments, the business operated by Mervin Dennis, of Glide Road, Farningham Ridge, is a former police captain who confirmed he had invested R400 000 with the gambler, lured by the promise of high interest earnings.
Post can exclusively disclose this week that:
High Court to oversee the affairs of the insolvent estate - moved quickly to ensure that property belonging to Dennis and his wife, Selina, and his three vehicles - including a seven series BMW and a Mercedes Benz sports car - were under the trustee's control.
This order is being sought, following concerns from investors that a close family member is scheduled to leave for overseas this weekend, on a nine month "study trip'".
This newspaper can also disclose that a former captain with the SA Police Services, Bob Govender, is keeping his fingers crossed that he will not lose the more than R400 000 he had invested with Dennis more than a year ago.
"I never expected this to happen. I'm devastated. The company had promised fantastic returns on our investments. I know of other investors who had invested millions," said Govender.
Another investor, whose family runs a refrigeration company in Isipingo, confirmed that "my children had invested about four to five million rands with Global Investments".
A Phoenix mother, whose husband was murdered, had invested more than R700 000 from an insurance benefit received with Global Investments.
Undertakers, tailors and others who have invested millions of rands are also hoping that their investments will be intact.
Choonilal urged investors to exercise patience. "There is plenty of paperwork to sift through. It's a mind-boggling exercise. I can't say how much money is involved but one thing is certain - it's a fortune," said Choonilal.
