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Showing posts from February, 2013

Trevor Manuel failed Sharemax pensioners

In 2006 Deon Basson pleaded with Ministers Manuel and Mpahlwa to act on Sharemax. In October 2006, journalist Deon Basson wrote to Trevor Manuel and Mandisi Mpahlwa, then the respective Ministers of Finance and Trade and Industry. The letter implored the ministers to do something about property syndication company Sharemax. Basson did not receive a response to his letter. When Basson sent his letter, Sharemax had sold syndications to the value of no more than R1.5bn. It was still in its infancy. By the time of its collapse, in September 2010, Sharemax had sold schemes to the staggering value of R5.5bn . The majority of investors are pensioners. ... Please see the FULL Article on Moneyweb. If anyone is interested in a detailed expose of what is wrong with Sharemax, the article on Moneyweb contains a link to the Prakke report. The Prakke report is an investigation conducted into Sharemax by forensic auditor Andre Prakke. Basson asked Prakke to compile the report to assist him

Fight with property hijackers ends in death : Property News from IOLProperty

Now here is something extremely bizarre!  The Trustee of the Trust that owns the property was thrown in jail for two and a half years after being accused of hijacking the building by the building hijackers.  It is so easy to look at the Deeds Office and see who the owner of the property is and once it is established that it is owned by a Trust, you can ascertain the names of the Trustees from the Master of the High Court (where Trusts are registered).  The whole process should take maybe 2-3 weeks at the most .  How was this man locked up for two and a half years???  Questions should be asked of the police and prosecutors who allowed an innocent man to languish in prison.  His reward for getting out ... to be stabbed to death by the same group of people who falsely accused him. Gareth Shepperson Fight with property hijackers ends in death : Property News from IOLProperty One man's battle to evict building hijackers from a Hillbrow building had a bloody ending, with suspect

Tshwane cleans up Pretoria city centre

Tshwane cleans up Pretoria city centre The Tshwane Metro Police will this year continue Operation I Can, its clean-up initiative targeted at the inner city. As part of this initiative, which started last August, the metro police last week demolished a dilapidated building on the corner of WF Nkomo and Kgosi Mampuru streets. Spokesman Senior Superintendent Isaac Mahamba said during the operation they looked for all types of criminal activity and irregularities related to dilapidated buildings, illegal structures and contraventions of by-laws. The building belonged to the city. "It was recommended that the building be destroyed. There are no plans for developing the property as yet," said SA councillor Sam Moimane. The property has been rezoned for business purposes. Thomas Mangwane who had been living in the old building for more than 10 years, claimed he owned the property but Moimane rejected his claim. "He applied for rights to the property but it was neve

FSB stands by Sharemax-tarnished official

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Rinate Goosen was compliance officer for a company accused of Fais Act breaches. The Financial Services Board (FSB) has stood by an official linked to the failed Sharemax investment scheme. Rinate Goosen, wife of former Sharemax director Gert Goosen, is a manager in the Financial Services Board’s (FSB’s) FAIS enforcement department . This is ironic because Rinate Goosen used to be compliance officer for a company that has been accused by Fais Ombud Noluntu Bam of failing to comply with the FAIS Act. Rinate’s husband, Gert Goosen, and three other Sharemax directors, have been accused by Bam of operating a Ponzi scheme . In a recent determination, Bam found Goosen and his co-directors directors jointly liable for the loss suffered by a pensioner who invested in two Sharemax products. Rinate Goosen was the compliance officer of a company called Unlisted Securities South Africa (USSA). USSA has come under severe criticism by Bam in recent determinations. USSA was establish

Opinion: Deon Basson was right about Sharemax

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Sharemax is a Ponzi scheme, a Ponzi scheme, a Ponzi scheme, a Ponzi scheme…. There - I’ve said it, and for the first time it can now be said without fear of being threatened with bullying letters from one of the phalanx of lawyers used by Sharemax over many years. This is the one consequence of the ruling by the Financial Advisory and Intermediary Services (Fais) Ombud Noluntu Bam, who finally had the courage to blow open the festering sore known as the Sharmax Property Syndications with a courageous and honest ruling that sets in motion far- reaching consequences, both legal and financial, for the advisors, directors and other parties associated with this. The other consequence is that, unless this ruling is somehow overturned by the Financial Services Board (FSB) Appeal Panel or another court, the floodgates are now well and truly open for financially dispossessed investors, particularly in the Zambezi Mall and The Villa, to pursue their claims through the offices of t

Tshwane in dire need of student housing

Tshwane in dire need of student housing Tshwane's universities are facing a student housing crisis, and plans are under way to provide more student accommodation. The University of Pretoria (UP) is able to meet only 18 percent of its students' accommodation needs, and new avenues for housing developments are being explored. Tukkies recently advertised the need for private, off-campus accommodation for its students. This was in response to a request from the higher education ministerial committee for universities and the private sector to enter into partnerships to address the national need - for more than 2 007 800 student beds - as identified in 2011. Professor Roelf Visser, director of residence affairs and accommodation at UP, said there was a shortage of on-campus accommodation, with 38 500 students being left without this option. Many students wanted to live in the university's residences, but not all could be accommodated. "UP intends to increase it

Joburg finances stable but billing is still a bugbear

Joburg finances stable but billing is still a bugbear The City of Joburg has received another qualified report from the Auditor-General for the 2011/12 financial year. And the billing problems are cited as one of the reasons for this, together with the city's asset register. Announcing the report, the city's member of the mayoral committee for finance, Geoff Makhubo, said many of the A-G's concerns had already been addressed and that good progress had been made in resolving the billing "challenges". The problems identified with billing related to estimates and meter readings. "Challenges lie with the fact that the system is based in historic records of consumption by residents which are being thrown out by the computers. The A-G said it is taking too long to resolve these," he said. In terms of the Road Revenue Map released in November 2011, of all queries ringfenced by that month, 99 percent had been resolved. As far as current queries are

Denny Crane

Denny Crane
It's not me ... yet. Denny Crane from the TV series Boston Legal. Click on picture if you're not sure who he is!