A high-flying businessman who was locked in a bitter dispute involving the top Johannesburg insolvency lawyer murdered at his offices on Friday insists there was “no bad blood” between them.
Thabo Letopa, the director of NTC Global Trade Fund, which the state believes is a pyramid scheme with more than R476m in investments, says he too fears for his life. He insisted yesterday he had nothing to do with the assassination.
“This is a very dangerous situation,” Letopa told the Sunday Times yesterday. “My partner Marius Venter called me in tears this week. He said his dog had been killed and the killers sent him a bullet with a message saying, ‘You are next.’ This entire thing has been a terrible shock to all of us.”
Johannesburg lawyer Bouwer van Niekerk was shot dead in his law firm’s boardroom in Saxonwold by two men who arranged the meeting on the pretext that they were prospective clients. The killers and two accomplices then fled in a car.
Van Niekerk was working closely on the NTC case with veteran business rescue practitioner (BRP) Kurt Knoop, who has been involved in several high-profile insolvency matters — including trying to recover public money from Gupta businesses. Hours after Van Niekerk’s murder, Knoop sent an e-mail to NTC investors: “Following this morning’s shooting of my attorney, and in the interests of the safety of all parties concerned, I have elected to immediately give effect to my initial intention to resign as the BRP of NTC.”
Knoop has also received death threats and has gone into hiding.
The death threats are believed to have been made minutes apart last weekend by a woman who called Van Niekerk and Knoop to warn them that if they did not quit the NTC case they “won’t see the end of the week”.
Van Niekerk’s brazen murder has highlighted the risks faced by lawyers and auditors who try to expose corruption and hold the guilty to account.
In March 2023, well-known insolvency practitioner Cloete Murray and his son Thomas were assassinated in a drive-by shooting.
Cloete was the liquidator of Bosasa, which featured prominently in allegations of state capture during the Zondo commission of inquiry. Thomas had become a director in his father’s firm, Sechaba Trust.
Cloete is also reported to have held court appointments as liquidator or trustee in other cases linked to state capture. Their killers have yet to be caught.
Letopa said yesterday: “I have received many, many threats so far. In one day I received more than 600 WhatsApp messages, calls and e-mails from angry investors. I would say about 60% of them were threatening.”
Everything is messed up at the moment. I really do not know what the future holds ... For now we are in hiding in places of safety
— Thabo Letopa, director of NTC
He said he would meet his lawyers tomorrow.
“Everything is messed up at the moment. I really do not know what the future holds further than that meeting [with the lawyers]. For now we are in hiding in places of safety.”
Letopa had clashed with the BRPs, denying them management control of the firm in conduct the South Gauteng High Court described last month as an “aberration”.
He insisted his relationship with Bouwer was professional — but acknowledged his hostility to Knoop.
“There was no bad blood between me and Bouwer. The bad blood was between me and Kurt Knoop. And we were going to go to court for that,” Letopa said.
One of NTC’s investors told the Sunday Times he had invested R8m in what he now calls a Ponzi scheme.
“NTC promised a return on investment of 1% per day. I feel foolish now,” said the investor, who did not want to be named.
“I never attempted to make a withdrawal from the wallet system NTC used. I just watched my money grow on their daily statements and reports until it reached more than R600m. They took whatever you put in and sent it to the US. From there the money was invested all around the world in no specific sector.”
It is not clear what the total amount of investments in NTC is.
“Some of [us] have gone to court to force NTC’s hand,” the investor said. “Nobody can say exactly how much money or how many investors were involved. The number being thrown about is about R490m, and between 1,300 and 1,500 investors countrywide.
“There was bad blood between Letopa on one side and Bouwer and Knoop on the other. At one stage the state froze a bank account belonging to NTC. The account contained a lot of money — possibly as much as R80m. The court later ordered that the money be returned to NTC because the state’s case against NTC was not strong enough.”
The investor said Van Niekerk and Knoop had tried to stall the repayment to NTC.
“They were bringing court applications... This was frustrating Thabo and his partners. But if that money was returned to them it would disappear immediately and never be seen again.
“Bouwer was a fighter and would go the distance in any battle. Knoop is a softer person. You kill the fighter and let the softer one run away. Suddenly the BRP and the lawyer are out of the picture.”
Gauteng police spokesperson Col Dimakatso Nevhuhulwi said detectives were looking for “about four” suspects.
“It is reported that about four men driving a GWM vehicle came to the practice under the pretence of clients who had booked an appointment.
“Only two of the men went inside and while in the boardroom, gunshots were heard. The unknown men fled the scene. The motive is unknown at this stage and police investigations are under way,” Nevhuhulwi said.
He appealed to anyone with information to contact police, which they could do anonymously via the MySAPS app.
Van Niekerk’s law firm, SmitSew, said in a statement yesterday that the shooting happened at about 10.20am.
“Out of respect for the process and to avoid any risk of interference, we will not publicly comment on the details of the investigation at this stage. Bouwer was a respected legal practitioner who conducted himself with courage, integrity and unwavering dedication to the law,” the statement said.
“His passing is an immeasurable loss not only for SmitSew, but to the legal profession as a whole. He will be remembered as both a valued partner and a cherished friend. Our heartfelt condolences are extended to his family during this most difficult time.”
The South African Restructuring & Insolvency Practitioners Association (Saripa) called the murder “heartbreaking and utterly unacceptable”.
Saripa chair Jo Mitchell-Marais said “courageous, ethical professionals” should not have to pay with their lives simply for doing their jobs.
“Such attacks strike at the very heart of our justice system and undermine the safety and confidence of all professionals who dedicate their careers to upholding fairness, accountability, and due process in South Africa.
“Saripa will be engaging directly with the relevant authorities to raise our concerns, and to demand that the safety of legal and insolvency professionals is given urgent and serious attention. Our members must be able to carry out their work without fear or intimidation and violence.”
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