Greg Ferguson, 42, faces fraud and theft charges totalling almost R8-million, after he convinced a string of businessmen to invest in the residential golf estate, wine farm and restaurant, and then allegedly misappropriated the funds.
It is further alleged that he went behind his business partners’ backs to sell off some of Cob Creek’s shares. In addition, between March 2008 and February 2011, he allegedly stole more than R6-million from Cob Creek’s business account.
Ferguson, who handed himself over to the police in December, will appear in the Port Elizabeth Commercial Crimes Court today.
Cob Creek Estate (Pty) Ltd was established in 2005 with the purpose of developing a portion of land along the Kabeljous River in Jeffreys Bay.
