A father and son allegedly stole R160 million from Amaanat Investment Holdings through fraudulent and unauthorised payments.

The Citizen has learned that a number of non-governmental organisations (NGO), places of worship including mosques, religious organisations and individuals who invested in Amaanat Investment Holdings (AIH) stand to lose millions of rand in returns and dividends.

This after a father and son allegedly stole R160 million from the investment company through fraudulent and unauthorised payments.

Over the past few weeks, The Citizen has reported how the money was allegedly stolen by the former chief executive officer (CEO) and board member, 68-year-old Hussun Abdool Khalek (HAK) Omar and his 41-year-old son, Mahomed Hussun Omar, who was a company director at the time.

A forensics report by Integrated Forensic Accounting Services revealed that a significant portion of the millions of rand were utilised by HAK Omar for his personal benefit and gain.

According to the forensic report, the matter dealt exclusively with the allegations of improper and unauthorised payments classified as share issue expenses, of which a substantial amount was allegedly misappropriated by HAK Omar.

It also revealed expenses totalling R160 million were debited against Stated Capital over a period of approximately 10 years.

Related payments were also made by Amaanat Investment Holdings to either the Kreston or the Kreston Agency account.

While the forensics report found the accounting records maintained by Kreston on behalf of AIH were inadequate and improper, the circular to the AIH board members and shareholders expounded on the alleged corruption.

It stated the loot was also paid into the Mahomedy, Omar Paruk Agency account, and other related accounts which were controlled exclusively by HAK Omar.

Integrated Forensic Accounting Services also said AIH should consider registering a criminal complaint with the South African Police Services (Saps), seeking further police investigation into the alleged fraud and corruption by HAK Omar.

It is unclear if the blatant fraud by the father and son has been reported to police, but Mahomed Hussun Omar told The Citizen his father and himself have met with their lawyers to discuss the allegations.

The father and son’s lawyer was unreachable after numerous attempts by The Citizen to contact them.

Following the resignation of HAK Omar and Mahomed Hussun Omar from the company, The Citizen also reported that at least 10 other AIH directors are also expected to resign.

It is unclear what the reasons are for the mass resignations of the directors are, or if it is related to the alleged theft of millions of rand by the father and son duo which has sent ripples through the investment market.

AIH has since issued a notice of a special general meeting (SGM) on 1 April to the shareholders of the company with the main purpose being to note the resignations of certain directors who have indicated their intention to resign, with effect from when the SGM closes, and to appoint 10 new directors.

A person familiar with the matter confirmed to The Citizen, the rot of Hussun Abdool Khalek Omar and Mohamed Omar’s devious actions are likely to have far-reaching and consequences and implications for many Muslims and other organizations affecting their returns and direct value of their investments in AIH.

He said the value of AIH is worth an estimated R4.5 billion with millions being invested in the company.

“A value of what they invested will be largely depleted as a result of all of the shenanigans there, and that value could be affected and I am talking about now all shareholders value could be affected by anything between 25% and 50% (sic).”

The source said mosques, NGO’s and religious organisations invested millions in AIH and are expected to lose a substantial amount of their investments.

This return of investment he said is used for the maintenance of the mosques and staff salaries among other expenses, while the NGO’s use the return of investments and dividends for humanitarian projects.

“They had a lot more than five million invested. Millions that could be lost by NGO’s and religious institutions from two perspectives. The investors were getting paid a dividend of R26 a quarter two years ago which gives you a R104 a year. Currently, that is going to be reduced by between sixty and seventy percent.

That’s the first problem. So, those institutions that were having some ideas about receiving this return to run their organisations, pay salaries etc, they are not going to have those funds to do anything with.”

“The second problem is if they paid R1 million to invest in this company, one million is no longer worth one million, the question is, what is it worth?

“The assessment has not been done to understand what the actual value is, but most certainly there is going to be reduction in that value of anything up to 25% of that value, maybe more,” said the source.

With the current economic climate, rising interest rates and spike in petrol prices, the severity of the impacted organisations is expected to be catastrophic.

The source said that besides the NGO’s, religious organisations and places of worship, many others have also been impacted by the alleged theft by HAK and Mahomed Omar which has put a stigma on investment companies.

Investors want out of a property investment company, saying it is short-changing them on their investment returns.

SHAREHOLDERS in Amaanat Investment Holdings are calling for the release of a forensic report which they say was commissioned using investor funds years ago, but has yet to see the light of day. They say that shareholders still have not seen the report or been given clarity on its findings, despite allegations of financial misconduct at the company.

Known as the Abacus Report, the document has become the centre of renewed tensions between some shareholders and the company’s leadership.

Aysha Vahed, one of the shareholders, said investors believed the report contained important information which was needed to assess historic financial decisions and losses allegedly suffered by the company.

“As shareholders, we demand to see the Abacus report. The report was paid for with shareholders’ money,” she said.“ The board has not released the Abacus report to shareholders. Their excuse is that they haven’t seen it yet. We find that difficult to believe and believe there may be a lack of transparency,” she said.

Another shareholder, Mahmood Oumar, said investors had been waiting too long for answers. He questioned why shareholders had not been granted access to the report, which he said was commissioned after allegations emerged that the company had suffered major financial losses running into billions of rand.

Amaanat Investment Holdings is a Shariah-compliant property investment company which owns properties including shopping centres and residential buildings across South Africa. It was originally intended to assist widows, orphans and other vulnerable groups through investment income. The company is not listed on the JSE.

It previously faced allegations of financial mismanagement, including findings reported in 2022 that raised concerns over irregular payments spanning several years. Those implicated denied wrongdoing and the matter was referred for further investigation and legal processes.

However, the present dispute centres on what some shareholders describe as a lack of transparency regarding the outcome of subsequent investigations and the status of the forensic findings.

“We are demanding that the Abacus Report be made available to all shareholders,” another investor said. “It was paid for with shareholder funds, and we believe shareholders have a right to see it.”

The Independent on Saturday has not independently verified the contents of the Abacus Report, which shareholders say was commissioned following earlier investigations into the company’s finances. It also remains unclear whether the Abacus Report is separate from, or linked to, earlier forensic investigations referenced by the company in 2022.

Four years ago, a report by Durban forensic accountant Eckhard Volker, leaked to IOL, raised allegations of financial misconduct at AIH and asked whether shareholders’ money was still in good hands. Volker confirmed that a case had been opened against former AIH CEO Hussun Abdool Khalek “HAK” Omar (68) at Westville Police station, and that his son, Mohamed Hussun Omar, was also a person of interest in the investigation. Allegations of fraud and theft amounting to R160 million over a 10-year period were being probed.

AIH, which is represented by MS Omar of MS Omar and Associates, claimed that HAK had used the proceeds of his allegedly illegal activity to buy luxury homes and expensive cars. Further investigation revealed that MS Omar is the cousin of HAK Omar and was once also his legal counsel.

HAK Omar is also the director of Kreston KZN, the company which audited AIH. BCA Chartered Accountants, based in Durban, was also implicated in the investigation, as was Coral Asset Management, which managed the daily affairs of AIH’s investment properties. AIH, Coral Asset Management and Kreston were all based at the same address in Westville.

The entrance to the Kreston KZN offices in Westville.

Responding to shareholders, Hassim Randeree, the current chairman of the Board of Directors, said the report could not yet be shared publicly because it formed part of an ongoing investigative process involving the Hawks. “The board of directors have been made aware (of the report’s contents). In other words, a summary has been shared with them. But it’s not released to the board of directors. It’s not a public document at the moment. The Hawks have to create charges from the information they received,” he said.

Randeree rejected suggestions that the board was concealing information, saying the company had complied with regulatory requirements and continued engaging shareholders through quarterly reports and annual meetings. He said the current board had stabilised the company after a difficult financial period and believed the business was recovering. According to Randeree, dividends had gradually increased since 2023 and the majority of shareholders continued supporting the board.

This was despite hundreds of shareholders banding together in WhatsApp groups to air their grievances over the matter. According to some shareholders, concerns now extend beyond the report itself and include broader questions around governance, accountability and communication with investors. Some also want access to information relating to the sale and acquisition of properties owned by the company.

Several long-term investors, many of whom say they are pensioners or rely on dividend income, told the Independent on Saturday they were struggling financially following reduced returns. Shareholder Zubeda Essop said many investors entered the scheme through trusted community networks, expecting a stable long-term income stream. She said the investment was particularly appealing because it was marketed as Shariah compliant, meaning it complies with Islamic financial principles.

“It’s all the same story. Everyone thought that the returns were good. They were recommended by family and friends, thinking that if they put money away now, when they’re older or retired they’ll have an income. And now most of them have nothing,” she said.

Other investors have raised concerns about the value being offered to shareholders wishing to exit the investment. While some investors say they paid up to R1 400 per share, the current buy-back offer is about R585 per share. “It’s less than half of what I put in. I can’t survive on that,” one shareholder said.

Another investor in her 80s said she feared she would not live long enough to recover the value of her investment. “I put everything I had into Amaanat, thinking it would take care of me. Now I’m broke and I don’t have money to pay my rent,” said one emotional shareholder. Another said she had cashed out her savings to invest in Amaanat and now relied on financial assistance from relatives to survive, while another said she feared she would not be able to pay her children’s school fees.

Randeree said that when the current board took over, some shareholders had wanted the company placed under business rescue, following a series of financial difficulties. “Only 65% of the rental income was collected by the agents that were handling the collection. When we got involved, we dismissed the agents, we took it in-house, and immediately started collecting 95% of the rental, which created a cash flow that enabled us to pay dividends, nominal dividends,” he said.

In his report, Volker said based on his investigation, he concluded that expenses of not less than R160m were debited against Stated Capital over 10 years. “A significant portion of these funds were utilised by Mr HAK Omar for his personal benefit.

“Mr HAK Omar was personally conflicted in his duties, where he personally affected incompatible functions, critically unminding the concepts of internal control, all for his personal benefit,” he said. Findings in the report suggest HAK Omar spent R3m on property refurbishments, R3m on a flat in Umhlanga, cars worth R4m and R16m on a house in Camps Bay.

Volker said his findings, to some extent, were subject to change should new information arise. “If any such information exists, we reserve the right to amend our report and its interpretation accordingly,” he said.

HAK Omar’s lawyer, Fred van der Westhuyzen of BDP attorneys in Tyger Valley, said at the time the amounts referred to in the report represented fees for services provided by Kreston KZN and its subsidiaries to AIH.

“The report conveniently loses sight of the fact that Kreston KZN rendered services and effectively managed an investment group which grew into a R4.5bn fund over more than a 10-year period.

“In effect, the forensic report is a guise to a fee dispute that in essence adversely effects all the shareholders and their interests. The allegations now levied against our client is an attempt by certain individuals who plan to strip the assets of AIH for their own benefit. These individuals choose to divert the attention away from their actions to hide their true intentions,” Van der Westhuyzen said. He said AIH still owed HAK Omar R13.7m for services rendered.

Naran Maharaj, the owner of BCA Chartered Accountants, told IOL he did not want to comment on the matter.

Former director granted R200 000 bail in fraud, theft and money laundering case

A former director of Amaanat Investment Holdings (AIH), accused of orchestrating an alleged multi-million-rand fraud, theft and money laundering scheme, was granted R200 000 bail when he made his first appearance in the Durban Magistrate’s  Court on Wednesday, 1 July.

Hussun Abdul Khalek Omar (68), of Camps Bay, Cape Town, appeared before the Durban Magistrate Court facing 22 counts of fraud, alternatively theft, as well as seven counts of money laundering. Accounting firm Kreston KZN, cited as the second accused and represented by Omar, also faces charges in the matter.

The State did not oppose Omar’s Schedule 5 bail application, which was brought by his defence attorney, by way of an affidavit. In granting bail, the  court noted that Omar has no previous convictions and as part of his strict bail conditions, Omar was ordered to; pay R200 000 bail; report to a police station every Monday and Thursday; surrender all travel documents, including his passport and USA Green Card, to the investigating officer; not travel outside South Africa; not seek citizenship in any foreign country; and not to interfere with State witnesses in any way.

According to the charge sheet, investigated by Colonel Misra, the allegations stem from Omar’s tenure as a director of AIH, where prosecutors allege he abused his position by unlawfully diverting company funds for his own benefit, the benefit of his family and entities linked to him.

The State alleges Omar falsely represented to the AIH board that he had authority to authorise payments from the company’s bank account to MOP Agency and subsequently to Kreston. Prosecutors claim the transactions were portrayed as legitimate accounting expenses when they were allegedly unauthorised.

Legal Services

The indictment further alleges Omar failed to disclose his personal financial interests to the board despite his fiduciary obligations under the Companies Act to act in the company’s best interests. According to the State, these alleged misrepresentations induced the board to approve financial statements without interrogating the transactions, causing actual or potential prejudice to AIH amounting to millions of rand.

Investigators further allege that company funds were used to acquire luxury assets and properties linked to Omar and his family. Among the allegations are claims that AIH money was allegedly used to purchase: property through the FHO Trust, whose trustees include Omar’s wife, son and daughter; a Porsche motor vehicle allegedly bought for his daughter; and gold, silver and Krugerrand coins.

The State further alleged that Omar transferred money from AIH into the MOP Agency account before moving the funds to third parties in an effort to conceal their source and ultimately use them to purchase properties for himself and members of his family.

The money laundering charges allege Omar knowingly engaged in transactions intended to disguise the nature, ownership, source and movement of proceeds allegedly derived from fraud or theft. The prosecutors further contended that, while serving as a director with sole signing powers over AIH’s bank account, Omar transferred company funds without the knowledge or approval of the board before the money was channelled through various entities to acquire assets. The indictment also alleged that Omar breached his fiduciary duties by acting in his own interests and those of his relatives and associated companies, rather than in the interests of AIH.

Courts & Judiciary

The fraud and alternative theft charges, excluding several specified counts, fall under the minimum sentencing provisions because the amounts allegedly involved exceed R500 000. If convicted, Omar could face a minimum sentence of 15 years’ imprisonment, unless substantial and compelling circumstances are found. The money laundering charges carry a maximum penalty of a fine of up to R100 million or imprisonment for up to 30 years, or both. The matter was postponed to 5 August 2026 for the State to provide discovery. Abdullah Sujee, group CEO of AIH, was contacted for comment, however he declined to comment at this stage.

Story about AHMED HUSSUM OMAR`s wife

Hundreds of people in South Africa and allegedly from other countries are said to be desperately looking for Tasneem Moosa.

The CEO of a local travel company, Hello Darlings, is accused of defrauding them of thousands of rands after they paid for their international holidays that never happened.

Cape Talk’s Refilwe Moloto spoke to Yusuf Abramjee who has allegedly been in contact with Moosa, who has since been dubbed the “Holiday Swindler”.

The people allegedly conned by Moosa have registered collective claims of R34.2 million and have opened cases with the police.

“She’s still in hiding. There is a total of 396 criminal cases against her at various police stations throughout South Africa, the total amount involved is now about R34.2 million and we are expecting that number to increase over the next week,” said Abramjee.

Moosa was meant to have an interview with Abramjee to clarify her side of the story, but she pulled out.

“And yes, Tasmin Moosa has released a brief statement or two interviews. She was supposed to speak on Tuesday, she chickened out because she wanted a comprehensive list of questions for the interview, which I refused to give.”

The Hello Darlings CEO has denied the allegations made against her that she stole millions from clients and fled South Africa.

She’s appointed a lawyer in Pretoria who has not said a word as yet and people are very angry as they have lost a lot of money.

There was one transaction for about R68,000 from a Louis Vuitton store. She also made some transfers to family members so there are lots of questions to be asked.

“Many of her transitions were from her private bank account, FNB bank, some bank statements have gone viral. A lot of questions are coming out of that because recently she went on a shopping spree. There was one transaction, we are told, for about R68,000 from Louis Vuitton store. A lot of questions need to be asked.”

Moosa’s travel agency is said to be registered in Dubai, a place she moved to in 2020, as a completely separate entity from Hello Darlings. The Dubai company is listed as Femme Voyages.

“I’m also told that she had a company in Dubai; a lot of people are complaining that they paid money, others are now planning to open criminal charges in Dubai where there have been some speculations that she might be hiding.”

AHMED HUSSUM OMAR

This is what the office of Ahmed Hussum Omar`s “successful” company looks like!

Go Real Estate Group – 2701 W Plano Pkwy Ste 650, Plano, TX 75075

He has two accomplices, through whose companies the money transfers are carried out:

Jandre Smit and Mahomed Omar

His brother Mahomed Omar is a company worker also!

• CAYMAN INTERNATIONAL ASSET MANAGERS (HEADQUARTERED IN DURBAN, SOUTH AFRICA). Dates of Employment: Not Listed

• LEGACY GLOBAL ADVISORS (HEADQUARTERED IN DURBAN, SOUTH AFRICA AND DUBAI, UAE, BUT ALSO USES THE GO PROPERTY MANAGERS ADDRESS IN THE USA). Dates of Employment: Not officially employed but suggested the services through the company.

There are also other people who know about all these processes:

Francisco De La Rosa and his wife Yaneli Rodríguez (Molina)