Picvest (previously PIC Syndications)

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www.prop-law.co.za


I have had a good response to my postings about PIC Syndications. People would like to know what's happening and (hopefully) get some sort of assurance from me that their investment is safe.

Unfortunately, I don’t know enough about it to give investors proper legal advice or an unqualified legal opinion. I was commenting on an article on the Moneyweb website (www. Realestateweb.co.za).

The problem is that investors are contractually bound and would have to follow the mechanisms of their contract to withdraw their funds. I have not had insight into the agreements and therefore can’t speculate on what mechanisms are contractually stipulated.

However, I can broadly speculate that Investors MAY be able to claim a breach by PIC, since they invested in property that has never been transferred. It may therefore be possible to cancel and claim repayment based upon the breach. I am not aware of any “class action” by investors. However, if there is sufficient interest from investors, I would be happy to look into it.

Investors have a couple of options:

1. Julius Corbett wrote the original article for Moneyweb and he may have further information that was not included in the article (julius@moneyweb.co.za).

2. If you wish to instruct my firm, we can act on your behalf.

3. You may have a claim against the Law Firm into whose Trust Account the deposit was made since they paid it out without effecting transfer of the property.

4. You can contact the public relations firm appointed by PIC, namely Fleischman-Hillard in order to ascertain when they will be making an announcement.

5. Lastly, you can contact the FAIS Ombudsman. This is free of charge but you will need to drive the process yourself and then can only recover from your financial advisor (if he has the money to pay).

Gareth


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