Louis Liebenberg’s Wife Denied Bail in Diamond Investment Scheme Case

Desiree Liebenberg, the wife of Louis Liebenberg, was denied bail by the Bronkhorstspruit Magistrates Court on Thursday.

The state argued that she was a flight risk due to her alleged access to at least R200 million, which her husband claims to have hidden from authorities.

Charges Against Liebenbergs

The couple, along with their co-accused—Magdelena Petronella Kleynhans, Johannes Petrus Badenhorst, Helena Dorothea Amy Schulenburg, Adriaan Dewald Strydom, Christelle Badenhorst, Nicolize van Heerden, and Walter Niendinger—are facing numerous charges.

According to the National Prosecuting Authority (NPA), the accused face 42 counts of fraud (alternatively theft), five counts of racketeering, six counts of money laundering, theft, and various statutory offences, including contraventions of the Companies Act.

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Both Liebenberg and Desiree also face additional charges of money laundering. “Desiree is facing an additional charge of corruption, while Kleynhans is facing an additional charge of money laundering. More counts will be formulated and added at a later stage,” said NPA spokesperson in Gauteng, Lumka Mahanjana.

The state alleges that Liebenberg registered 15 companies, where his ex-girlfriend Kleynhans and the other accused, who are either family members or have close relations, served as directors.

In 2020, Liebenberg and Kleynhans registered a company named Tariomix, where they were both directors. Another company, Forever Zircon, was registered in 2021, and both companies were purportedly involved in buying and selling diamonds.

Investment Scheme and Fraudulent Activities

Potential investors were lured through social media and radio interviews, promising high returns over a short period using a cashless platform called AE Switch. Thousands of investors made payments into the platform, totalling approximately R4.5 billion.

The accused allegedly used the proceeds from the scam to purchase luxury vehicles, Kruger coins, and to pay for Liebenberg’s lavish wedding and honeymoon in Greece. “Various immovable properties, including an office block, were purchased,” said Mahanjana.

When some investors did not receive the promised payments, they became suspicious and reported the matter to the police, suspecting that they had been defrauded.

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Desiree requested to be released on bail, arguing that she was not a flight risk and joined the companies at a later stage, with her properties being vandalised.

However, the state argued that she failed to disclose her bank statements, claiming that she could not access them because she was in custody. Mahanjana added that the matter will resume on Monday, November 25, to allow Louis to apply for bail.

Meanwhile, the rest of the accused are scheduled to appear on February 4, 2025.

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