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Craig Warriner, the disgraced investment manager behind the BHI Trust, may have started to "rob Peter to pay Paul" after the 2008 financial crisis as he struggled to keep his investment trust afloat, according to a new creditors' report.
Warriner, who was arrested last year, is quoted in the report as admitting that the trust devolved into an illegal pyramid scheme after 2008. The report was published by BHI's court-appointed trustees, who are overseeing its sequestration.
The trustees have interviewed Warriner from prison as part of their investigation into the disappearance of hundreds of millions of rands.
