PLETT BUSINESSMAN FORFEITS R13MILLION TO THE STATE
14 JULY 2025
PLETT BUSINESSMAN FORFEITS R13MILLION TO THE STATE
Bellville, South Africa, Plettenberg Bay businessman, Martin Lennard Korver, has forfeited R13, 4millionto the State after the Bellville Commercial Crimes Court convicted him on a count of fraud and theft. The court convicted Korver on a charge of fraud in the amount of R6, 8m and theft in the amount of R4million (the total amount of loss is R10, 9million) and sentenced him to 10 years direct imprisonment for each count which were both wholly suspended for five years on condition that he is not convicted of fraud, theft and/or any offence of which dishonesty is an element, committed during the period of suspension. The court further made a confiscation order in terms of Sec 18(2) (a) of the Prevention of Organised Crime Act 121 of 1998 (POCA) in the amount of R13 4million following the Asset Forfeiture Unit’s investigation of his assets.
The 59-year-old was also sentenced to 36 months of correctional supervision, which includes house arrest for 24 hours per day. He will be allowed to leave home between 07:00 am and 19:00 on weekdays for work. The court sentenced him to community service for 16 hours per month for the duration of his sentence. It ordered him to attend rehabilitation programmes (including a stop crime or similar programme) as determined at re-assessment by the social worker at the community correction office, to substantiate the goals of correctional supervision. The Commissioner of the Department of Correctional Services in George will determine the reasonable content and length, times, and places of such programmes. The department will recover the costs of the programmes from the accused.
He may attend a spiritual growth service (including at a church or mosque) or have free time on Saturdays from 12:00 until 16:00 and Sundays from 08:00 until 12:00. He may not leave the magisterial district of his residence or work without the permission of his Correctional Supervision Officer and is prohibited from using alcohol or drugs other than those prescribed by a medical practitioner. He must obtain written permission before he changes his residential or work address and not commit any further offence(s).
The sentence follows a plea and sentencing agreement between the State and the accused, where he confessed to his crimes. Complainants in his case are Gustav Schaefer and Jan Eberhard Schliemann, directors of Cobow (Pty) Ltd and Korevest Investments Group (Pty) Ltd, based in Somerset West, Western Cape. Korevest Investments Group (Pty) Ltd is a 100% shareholder in Cobow (Pty) Ltd, and the latter conducts the business of a guesthouse in Somerset West. The Dutch national with a permanent residency in South Africa was a director of the two companies until his resignation on 16 August 2016. He and the complainants were in control of both companies’ financial and banking affairs.
He was also the sole director of Korevest Leisure Group B.V., based in the Netherlands. Korevest Leisure is a 47% shareholder in Korevest Investments Group (Pty) Ltd, whilst the Schliemann Family trust holds 28% and the Finserf Foundation holds a 25% shareholding in Korevest Investments Group (Pty) Ltd.
In November 2013, he opened bank accounts with Investec South Africa on behalf of the two companies. The bank accounts were linked to his personal bank account without the knowledge and/or consent of the complainants, as this was done before their involvement. During May and June 2015, he opened a call deposit account and a loan account on behalf of Korevest Investments Group (Pty) Ltd with the Investec Bank of Mauritius. He claims the complainants were aware of the call deposit account. He entered into a loan agreement on behalf of Korevest Investments Group (Pty) Ltd with the Investec Bank of Mauritius and secured €442 602.94, which equates to R6 8million between the two companies and the bank. He used an immovable property (guest house in Somerset West) as collateral to secure the loan from Investec Bank of Mauritius.
Part of his sentence is that he will ensure that the 47% shareholding held by Korevest Leisure Group BV in Korevest Investments Group (Pty) Ltd is transferred to the Finserf Foundation, upon presentation to him of the necessary documents by the complainants. He also accedes to the confiscation order in the amount of R 1.2million, which will be paid as a lump sum within five court days of this agreement being made an order of the court. The money will be transferred from the accused’ attorney’s trust bank account to the complainant’s nominated bank account.
Arguing in aggravation of sentence, Senior State Adv Denzyl Combrink said the accused was in a position of trust which he abused to his financial benefit. He committed the offences to gain an unfair and unjustified financial advantage. Korevest Investments Group (Pty) Ltd incurred excessive expenses relating to loans and legal fees due to its illegal actions. These include R1.5 5million, the company had to pay to Investec Bank of Mauritius to settle the loan the accused took out and failed to repay. The company also paid R3m in legal expenses, due to the various civil litigation between the parties. One of the complainants had to lend Korevest Investments Group (Pty) Ltd
R1,5m to ensure that the business stayed afloat. Korevest Investments Group (Pty) Ltd incurred a deficit relating to its tax liabilities with the South African Revenue Services.
The National Prosecuting Authority (NPA) welcomes the sentence as a strong affirmation of its unwavering commitment to prosecuting corruption and fraud. These crimes not only erode public trust but also undermine economic growth and discourage local investment. This outcome demonstrates the NPA’s dedication to protecting the integrity of South Africa’s economy and promoting a fair, accountable business environment.
Issued by:
Eric Ntabazalila
National Prosecuting Authority
Regional Communications Manager – Western Cape
Tel: (021) 487 7308
Mobile: 073 062 1222