Barwa seeks to recover 70-75% from Frankel

Barwa City is one of the projects currently being developed by Barwa.

Qatar's Barwa Real Estate Co expects to recover 70-75 percent of financing provided to South African Frankel, owned by business man Barry Tannenbaum who is accused of a $1.9 billion corporate fraud, according to Reuters.

"Barwa expects to do so through legal proceedings in jurisdictions where those culpable reside or are believed to have recoverable assets," said Barwa in a statement on Tuesday.

Barwa, a unit of the property arm of Qatar's sovereign wealth fund, said in June it had stopped a $40m revolving credit facility to Frankel International which the company had not completely used.

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A South African judge has appointed three trustees to manage assets seized from Tannenbaum and to investigate allegations he defrauded investors of up to 15 billion rand ($1.9bn).

In July, a source close to the matter said Tannenbaum had admitted to forging documents to deceive Barwa, citing an affidavit used by Barwa in a British court application to freeze assets of a lawyer affiliated with Tannenbaum.

South African authorities are seeking a global freeze of the assets of Tannenbaum.

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