Convicted Fund Manager Neil Phillips’ Plans to Visit Children Put on Hold
In a recent development, a US judge has blocked convicted rand rigger fund manager Neil Phillips‘ attempt to travel to South Africa to visit his children. This decision comes amid his appeal against a conviction for commodities fraud related to his alleged manipulation of the rand-dollar exchange rate.
Phillips, the South African-born co-founder of Glen Point Capital, was found guilty last year for orchestrating a scheme to manipulate the rand-dollar exchange rate to secure a substantial payout of approximately R250 million. His gamble on Cyril Ramaphosa’s election as the ANC leader predicted a boost in the local currency value, which unfortunately fell short of the desired threshold.
Prosecutors claim that Phillips then directed forex dealers to artificially strengthen the rand by aggressively selling dollars and buying rands. A jury subsequently found him guilty of one count of commodities fraud, carrying a potential prison sentence of up to 10 years. However, he has not yet been sentenced and allowed to return to the UK.
Guilty Verdict and Potential Sentencing
Phillips’ legal team has since filed a motion to challenge the guilty verdict or request a new trial, contending that it would be a “manifest injustice” to sustain the conviction. As the appeal process unfolded, Phillips sought permission to travel to South Africa to spend time with his two children.
Man on the Run: Neil Phillips is A Flight Risk
However, the US judge, weighing concerns regarding the possibility of Phillips becoming a flight risk, rejected his plea. The court order stated insufficient evidence to support the modification of his travel restrictions. This decision coincided with US attorneys raising objections, claiming that Phillips had already been granted special permission to leave the US for the UK, and that travelling to South Africa was an excessive request.
Furthermore, US attorneys questioned why Phillips’ children could not visit him in the UK and raised doubts about the enforceability of any potential waivers in South Africa. The letter submitted to the judge also highlighted the heightened risk of Phillips not returning to the US.
Appeal Process and Travel Request
Whether Phillips’ appeal against his conviction will be successful remains to be seen. Until then, the fund manager’s plans to reunite with his children in South Africa have been put on hold, underscoring the complexities and implications surrounding his ongoing legal battle.
South Africa’s Notoriously Wanted Marc Jooste Still Evades German Justice
Meanwhile, former Steinhoff CEO and fraud architect, Marc Jooste remains at large in South Africa, defying the German authorities’ efforts to bring him to justice for his alleged involvement in one of the biggest corporate scandals in recent memory. As the Steinhoff fraud investigation deepens, doubts arise about the efficacy of South Africa’s international extradition processes and the struggle to hold corporate executives accountable for their actions.
The Steinhoff scandal shook the global financial world in 2017 when the extent of the fraudulent accounting practices within the giant retail conglomerate was exposed. With allegations of overstated profits, hidden debts, and elaborate financial manipulations, the company’s share price plummeted, wiping out billions in investors’ wealth overnight.
Since then, multiple countries, including Germany, have been tirelessly working to apprehend the key figures responsible for the alleged fraud. While Jooste has long been identified as a central figure in the scandal, attempts to extradite him from South Africa have thus far been unsuccessful.
German authorities believe there is substantial evidence linking Jooste to the fraudulent activities at Steinhoff, warranting a thorough investigation and a fair trial. However, legal complexities, bureaucratic hurdles, and potential political influence pose significant obstacles in securing Jooste’s extradition.
