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 |  Oct 03 2010, 12:25 PM

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The body of German businessman and world-renowned Porsche tuner Uwe Gemballa has been found in South Africa. According to a report by the Sunday Times, Gemballa was bound and shot execution style. It is believed authorities were lead to the body by two men who were arrested in connection with his disappearance earlier this week.

Earlier this year Gemballa was reported missing after a trip to South Africa and his Porsche tuning company has since been taken over and re-launched by another group of businessmen.

After allegations that Gemballa may have been trying to avoid a tax evasion charge it appears as though the real story might be even more sinister. According to the times, “The discovery of his body threatens to blow wide open an international syndicate – stretching from Switzerland and Germany to Johannesburg – involving alleged money laundering, tax evasion, imported cars stuffed with cash and contract killings.”

[Source: Sunday Times]