As per a settlement agreement that was concluded on April 4, the Marinvia Trust, the CIMS Trust, Sylco, Clasina Scharrighuisen and Marcel Scharrighuisen have agreed to, jointly and seperately, be liable to pay an amount of R40-million into the trust account of legal advisers Cliffe Dekker Hofmeyr (CDH).

The payment, which would be made within fifteen business days of April 4, would be to settle the release action, which referred to Casper Scharrighuisen's wife Clasina Scharrighuisen's action against the trustees of his insolvent estate, for the releasing of property; as well as to settle the application by the trustees of Scharrighuisen's insolvent estate for the preservation of his spouse’s property or assets and related entities.

The payment would also resolve Megacube Mining's action against the trustees of the Marinvia Trust and an application launched during 2009 by Caston Plant Sales, Megacube and Sentula against Casper Scharrighuisen, Marcel Scharrighuisen and Sylco Plant Hire pertaining to a dispute related to ownership or possession of a crane.

From CDH's trust account, 50% of the paid amount would be paid to Megacube and the other half to the trustees of Scharrighuisen's insolvent estate, in which Megacube is a creditor. 

The settlement of the four matters, referred to above, would become effective on receipt of the settlement payment into the trust account of CDH and the clearing for payment of such amount by its bankers.

In addition to the civil judgment of R88-million against Scharrighuisen by the South Gauteng High Court, a second judgment for R171-million and interest thereon of R124-million was obtained against Scharrighuisen in April 2011, bringing the total civil judgments against him to R383-million.

An order for the final sequestration of Scharrighuisen's insolvent estate was granted during July 2011 by the Western Cape High Court. Megacube lodged a claim of R393-million against Scharrighuisen's insolvent estate in September 2011.