One of Johannesburg's top investment banker's until this year was arrested in November by South African investigators for several serious offences related to his alleged involvement with fugitive businessman Billy Rautenbachs' transport group, Wheels of Africa.

Jean-Charles Pirlet, a former senior vice-president in charge of the corporate bank division at ABN Amro Bank in Johannesburg, has appeared before magistrates on charges of fraud and corruption and was released on R50,000 bail. The case was postponed until January.

Pirlet, who resigned from ABN Amro in January 2000, is accused of authorising the release of $35 million to Wheels group affiliate, Hyundai Motor Distributors Botswana (HMDB) under two documentary credit facilities.

The credits were supposed to cover payments for cars from Korea's Hyundai Corporation. But of the $35 million funds, it is alleged that Wheels used only $6 million for vehicle purchases. The remainder was used to settle debts incurred by the group. According to charges brought by South Africa's investigating directorate, Pirlot rerouted funds back to HMDB.

The former banker, who allegedly received $45,000 for his services, is also charged with misrepresenting ABN Amro's exposure to Wheels, thereby duping the bank into extending additional credit facilities to the transport group.

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