Interdict backfires for adviser, makes company investigation into his conduct public

A fund manager who took his business partners to court has inadvertently leaked details of a company investigation into his conduct into the public domain.

Cape Town fund manager Pieter Basson is accused in affidavits by his business partners of trying to entice a potential investor with returns of 300% in 30 days.

Basson tried, but failed last month, to obtain an interdict in the Cape Town High Court to stop them from taking disciplinary action against him - or telling clients about the charges he faces.

And in a second legal challenge, he is seeking relief as "a minority shareholder against oppressive behaviour by majority shareholders".

Basson is a director and co-founder of Associated Portfolio Solutions, Pentagon Financial Solutions and APS Fiduciary Services. The group specialises in fund management services.

Basson accused his business partner Cornelis Kruger of trying to force him out of the group "in order to acquire control over them".

But his court action inadvertently exposed the outcome of a company probe into his conduct.

The investigation was triggered by a request to IT consultants to delete 5000 of his e-mails.

The disciplinary inquiry notification and complaint sheet said Basson sent an e-mail to an investor in September last year advising him about returns of 300% in 30 days.

Such expectations were unreasonable, said the company.