Two men accused of fraudulently taking up to R300 million from a clothing provident fund have appeared in the Cape Town Magistrate's Court.

The Cape Times reported that the case of Sam Buthelezi and former SA Clothing and Textile Workers' Union (Sactwu) consultant Richard Kawie was postponed until January 23.

Malini Govender, for the State, told the court on Thursday that more time was needed to investigate the Sactwu fraud claims, which had risen in value from R146m to R300m.

"As a result of the increased ambit, the State is not able to proceed with the trial," she said.

The court heard the case was complex because of the nature of the transactions involved and the long period over which they happened.

Buthelezi and Kawie were reportedly out on bail of R500,000 each, with stringent bail conditions attached.

They allegedly defrauded pensioners between March 2009 and February this year in a complex scheme involving payments to various companies and false VAT certificates.