Two men — accused of splurging R21m in investors’ funds in 2½ years on luxury items, gambling and trips abroad — were granted bail of R50,000 each in the Port Elizabeth Magistrate’s Court on Thursday.

Magistrate Xolile Dlulisa agreed with lawyers for stockbrokers Michael Rathbone and Leon Lewitton that it was in the interest of justice to release them on bail, but said the proposed bail of R5,000 each was disproportionate to the amount involved in the alleged offences...