In an energised cross-examination session at the Johannesburg Regional Magistrate Court yesterday, state witness Peter Ghavalas confirmed to the court that there were legal opinions - including from Webber Wentzel - indicating that the Ghavalas transactions targeting pension surpluses were lawful, notes a Business Day report.
Ghavalas has been in the dock testifying in the state matter against Simon Nash since the beginning of the week. The report notes that this statement may potentially raise a defence for Nash, who is accused of theft and benefiting from the stripping of pension surpluses. The legal opinions, which pointed to lawfulness of the Ghavalas transactions targeted at stripping millions of rand from pension surpluses in the 1990s, raise the question how Nash would have known that the Ghavalas scheme was illegal if legal experts were saying it was lawful in their opinion. The report adds Ghavalas confirmed the legal opinions after cross examination by Nash's advocate Willem de Bruyn. The report notes De Bruyn had presented the opinions, which said the Ghavalas scheme was 'lawful', to the court yesterday. According to the report, De Bruyn put it to Ghavalas that he was making a 'remarkable about-turn'. Full Business Day report (subscription needed)