No conviction for Falk
2006-04-12
THE multi-millionaire German businessman and owner of a well-known Bovlei farm, Alexander Falk, has not been convicted of fraud or share manipulation, as was recently reported by Paarl Post.
Falk (35), heir to a cartography fortune, owns the farm Canetsfontein outside Wellington.
He made headlines in 2003 after his assets to the value of R70 million were seized by the Scorpions, making it one of South Africa’s largest asset seizures yet.
This follows investigation into fraud by the German police after he and six employees allegedly conspired to manipulate the share price of his listed internet company, Ision AG, in 2000, before selling 75% of the business to a British company Energis for about R6 billion.
Falk received a payment of R75 million from his shareholding, but was sued when Energis went bankrupt.
The damage suffered by Energis is alleged to be about R400 million.
His assets were then restrained by a court order in Germany and he was remanded into custody prior to the court case, facing a possible sentence of ten years.
He spent 22 months in jail, but is currently out on bail of 1,5 million Euro.
The presiding judge of the criminal court in Hamburg has stated that the charge of fraud is no longer sustainable and is unlikely to be upheld, but the charges have not yet been withdrawn.
Falk’s assets in South Africa are still frozen, while business continues at his wine farm, Canetsfontein.
Falk has visited the farm after his release from prison and is due to return again this month.
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