A TASKFORCE has been established to investigate the $1.5 billion fraud alleged to have been perpetrated by the South African-born St Ives resident Barry Tannenbaum, while links have emerged with the ANZ bank.
It was announced on Sunday night that investigators from South Africa's Financial Intelligence Centre, Revenue Service, Reserve Bank, Serious Economic Offences unit and National Prosecuting Authority would investigate "serious allegations including possible fraud, money laundering, tax evasion and foreign exchange control violation against Mr Barry Tannenbaum and associated entities".
The taskforce met on Friday to decide a plan of action, the same day the Herald discovered Mr Tannenbaum in meetings in his offices in St Ives.
Documents reveal that Aspen Pharmacare South Africa put $21.5 million in an ANZ account nominated by Mr Tannenbaum on May 18.
Another letter from the ANZ Private Bank, dated April 9, reveals that the bank had made $US10.9 million ($13.4 million) available to Mr Tannenbaum and his father, Harold, who lives in Melbourne. The funds were channelled through the Barton Group, one of Mr Tannenbaum's Australian companies.
Mr Tannenbaum's South African assets have already been frozen while lawyers in that country are seeking to have Australian assets locked as well.
Mr Tannenbaum is accused of using a Ponzi-style scheme to defraud investors in his South African pharmaceuticals company, Frankel International, using forged drug orders to convince them he could deliver on the massive returns the company promised. Up to 300 investors are thought to be involved, with cash from newcomers used to pay some of the early investors.
Mr Tannenbaum, whose family is as wealthy and well connected as many of his investors, denies the charges. He told the Herald on Saturday: "I state categorically that I am not sitting with millions. I have not amassed some fortune that I have spirited away and in due course an audit will bear out this statement, if people are still interested in hearing the truth.
"Maybe some attention will then be given to others who might have made millions."
One investor, the South African lawyer Warren Drue, told the South African newspaper The Times that he had known Mr Tannenbaum for 20 years.
"I still have to pinch myself when I see his picture … I still can't believe he was capable of this, I remember him as a wonderful, kind-hearted man who was also very charitable - but in hindsight, that could have been with other people's money."
It is not known whether Australian investors have also been caught up in the alleged scam. Mr Tannenbaum has been living in Australia on and off for at least the past three years.
Other men at the centre of the storm are the lawyers Darryl Leigh and Dean Rees, who acted as agents for Mr Tannenbaum.
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When will our MACC and Police take action against their own kind who are the biggest scammers? I know of at least 50 UMNO elite and two ex PM.
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