The embattled Pembury Lifestyle group on May 31 announced that its CEO Andrew McLachlan had died suddenly.
“Andrew’s invaluable insights and experience will be sorely missed. The Board extends its deepest sympathies and condolences to Andrew’s family, friends and colleagues,” it said.
The company which owns the specialised property class: retirement villages and had plans to roll out private schools has been engulfed by scandals.
It listed in March 2017 to much fanfare but has since gone insolvent, reporting back in June 2019 that its liabilities had exceeded its assets by R55.8m. It has not published audited financial results for its 2019, 2020 or 2021 financial years.
McLachlan was charged with fraud in February in the Palm Ridge specialised commercial crimes court for selling life rights in retirement villages that Pembury didn’t actually own. He was released on R5000 bail and the case was remanded to Thursday June 2.
Pembury gave no details about how McLachlan died but said its board would soon convene a meeting to discuss a way forward for its investors. His sudden death draws parallels to the death of Jeff Wiggill, the mastermind behind the R1bn fraud at tech group First Strut who was shot dead in 2013 and mining CEO Brett Kebble who was shot dead in 2005.
Alistair Anderson