This is the company allegedly at the centre of South Africa’s biggest ever Ponzi.
Frankel Chemicals trade Active Pharmaceutical Ingredient (API) on an continuous global basis. Active Pharmaceutical Ingredients (API) is the raw material that goes into the manufacture of drugs. The generic drug market is a key market in which Frankel Chemicals are exclusive agents for the distribution of API materials for many overseas multi-national prime pharmaceutical manufacturers. The primary focus is on Africa, Brazil, UK, South America, Switzerland, France, Russia, Belgium, Spain and India.
In essence “Frankel” simply trade product globally and it is through the relationships that have been developed over time that Frankel have managed to secure exclusive product lines. For example, many API need to be approved by the ultimate end Manufacturer (our Customer), with this in mind, these ‘Approved grade API’ are approved in that they are soured by ‘Approved Suppliers’, through the ‘Approved Agent’. This creates a kind of pseudo monopoly and ensures ongoing business. However, and very Key to mention it is then vitally important that the Supplier can then provide the service for ongoing business.
Frankel Chemicals have a considerable history in the pharmaceutical industry in South Africa of over 25 years. Frankel Chemicals does not speculate and business is carried out on confirmed orders only from blue chip pharmaceutical companies for API and other associated chemicals. Group turnover 2008 approximately $450 million and expect for 2009 in excess of US$600 Million.
There’s plenty more on Frankel, its activities, staff, and the man supposedly behind it all, Barry Tannenbaum, at SA Ponzi Uncovered – a micro site set up by SSG Forensic Consultants, the corporate private eyes that have been working for certain unnamed alleged Frankel victims.
One question springs to mind: why are alleged financial criminals always sloppy with their prose and grammar?
Related link:
Tannenbaum Trustees Named in $1.9 Billion Fraud Probe – Bloomberg
Accused swindler vows to clear name – Sydney Morning Herald