Coopers & Lybrand has filed a High Court writ on behalf of troubled Ostrich Farming Corporation, which ceased trading in April. Coopers, acting as liquidators to OFC, alleges in the writ that z3.37m was ‘siphoned’ to an American company, Wallstreet LLC, for no apparent reason. Of the money paid to Wallstreet, z1.49m was allegedly misappropriated by OFC’s directors.
OFC made its money by selling ostriches to the public and then arranging care and breeding. Coopers has arranged for the animals to be looked after during receivership.