The group's former non-executive director, Ivor Stratford, was grilled over shares he allegedly gave to Marie-May Kolsch, the consul-general for the Seychelles in South Africa.
These relate to an international tender to develop the Ile Aurore island in the Seychelles, which Pinnacle Point won. The group had a 99-year lease and planned to build a casino, a hotel and a golf club but the development never took off.
The inquiry is also probing how the textile workers' pension funds that were invested in the Trilinear Empowerment Trust ended up in Pinnacle Point coffers.
Stratford was also asked about a number of R50000 payments made to Kolsch's account.
Gavin Woodland SC, for the liquidators, read e-mails sent between Stratford and Kolsch.
In one e-mail allegedly sent by Stratford, he offered her a 3% interest in the entire development.
"Thanks a million for the 3% shares of Ile Aurore. When I see you again, I will kiss you all over - make sure to wear protection underwear," responded Kolsch.
"The last time we met, you mentioned something about exchanging my 3% shares for Ile Aurore in Seychelles to Pinnacle Point in South Africa.
"If that offer still stand - if so, can you explain to me details of how it works as I need to discuss it with Fred.
"Lots of kisses xxx Marie-May," she wrote.
After the hearing, Woodland said the property group suffered a major financial blow when the deal fell through.
He said Stratford diverted some of the money into his own company.
"The Pinnacle Point Group was prejudiced because they paid over the $5-million but they didn't get the full $5-million back and creditors were also prejudiced because money went to pay Property Promotion Management," said Woodland.
Retired judge Meyer Joffe postponed the matter to today.
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