Stellenbosch University graduate Cobus Kellerman, the mastermind behind the R200 billion Ponzi scheme running out of Mauritius, seems to be nonplussed about what’s going down.

So far, Kellerman has denied any wrong-doing and has also said “I wouldn’t know if it was a Ponzi scheme“.

The Mauritius-based fund management company Belvedere Management that is the centre of attention is headed up by Kellerman, along with two others, Irish businessman David Cosgrove and Mauritian Kenneth Maillard. Kellerman has “denied doing anything wrong and said he had no idea what was going on at Belvedere”.

You’ve heard of DDL, haven’t you? Deny, Deny, Lie. I feel like it’s being implemented here.

Kellerman has explained that he is an “absentee shareholder of Stonewood Holdings, which owns 51% of Belvedere”, the firm being investigated.

I am focused specifically on the South African businesses. I’ve been here for the past three to five years … Nothing in South Africa is a Ponzi scheme.

He has said that his partner, Cosgrove, told him there is no Ponzi scheme – “I can only believe him”. Kellerman has also reportedly said that he will not be returning to work anytime soon.

[Source: Times Live]