The officials are alleged to have been involved in fraud and other offences involving R640 million that led to the collapse of the bank six years ago.

KPMG auditor Johan van der Walt, who assisted the Directorate of Special Operations in their investigation into the collapse of the bank, began the arduous task of explaining his complex investigation and findings to the court.

He gave the court a detailed account of the transactions that had led to the three bank officials' arrests.

His investigation is detailed in a 6 000-page forensic report that describes, among other things, Saambou's internal financial structures with reference to the actions of a number of roleplayers.

Saambou's former director for personal banking, Charles Edwards, and the general manager of Saambou Bank's group finance and later of strategic alliances, Gerhardus De Clercq, have pleaded not guilty to 10 counts of fraud, one of theft and two of contravening the Companies Act.

The former chief executive director of Saambou Bank and Saambou Holdings, Johan Myburgh, also faced charges, but died last month.

The men are accused of preventing information about the failing financial status of Saambou Bank and Saambou Holdings being disclosed to shareholders, depositors and investors.

Chief prosecutor Danie Dorfling has told the court evidence is to be led on the financial structures alleged to have been set up to facilitate the transactions in question.

He said the case was so complex the charges would be properly understood only once all the evidence had been heard.

Van der Walt was one of the chief witnesses against Shaik - former financial adviser to ANC President Jacob Zuma - who is now serving 15 years in jail for corruption and fraud. - Sapa

With acknowledgements to Sapa and Cape Times.