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Financial statements reveal R2.2bn loss for Sharemax investors

Download the financial statements Nova Group’s directors wouldn’t make public. Financial statements for Nova Property Group show that investors who bought Sharemax products have lost R2.2bn. Nova is the company that owns all the properties that used to belong to investors in the various Sharemax property syndication companies. Nova was formed as a result of a ‘Section 311’ rescue scheme which received court sanction in January last year. The full Article on Moneyweb is available HERE . The Financial Statements are available HERE . Here is a breakdown of the losses suffered by Sharemax investors:     SHAREMAX SYNDICATIONS VS NOVA DEBENTURES Name Location Syndication value Value in 2012 % decline financial statements INCOME PROJECTS 148 Leeuwport Boksburg R 9 700 000 R 5 679 539 -41% Centurion Hazel Centurion R 6 140 000 R 5 860 347 -5% Oxford Gate Durbanville R 28 000 000 R 21 976 348 -22% The Village Mall Nelspruit R 29 400 000 R 27 689 974 -6% Witba

UDZ tax incentive lucrative boon for property investors

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UDZ tax incentive lucrative boon for property investors The Urban Development Zone (UDZ) tax incentive seems to be one of the best kept tax break secrets of the South African property sector. Since its introduction by the Treasury in 2003, a steady stream of investors has been using the scheme to invest in property in areas earmarked for the incentive, such as the Cape Town central business district (CBD). The Cape Town central business district has benefited extensively from the Urban Development Zone tax incentive scheme. However, not enough investors have taken advantage of this profitable incentive. Investors and developers need to acquaint themselves with the scheme, and take advantage of its tangible benefits. The Cape Town CBD, a world class premier business destination, has certainly made use of the scheme. Close to R15 billion has been invested in the city centre since the scheme was promulgated. Between 2006 and 2011, the City of Cape Town has issued location cert

Sharemax property investors misled by 'copy-and-paste error'

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Sharemax property investors misled by 'copy-and-paste error' Sharemax's directors told their auditors they made a "copy and paste" error in the prospectus of the Zambezi property syndication that misled investors about the security of their investments. This is revealed in the latest determination by Noluntu Bam, the Ombud for Financial Services Providers, in which she orders an adviser, who is an accredited Certified Financial Planner, as well as Sharemax and four of its directors, to make good the loss suffered by an elderly woman who invested in the scheme. The Zambezi property is now an empty shopping centre, and millions of rands need to be spent to rectify problems with the roads around the centre, the ruling reports. Investors stopped receiving payments in 2010. In her latest ruling, Bam relates replies from Advoca Auditors, then known as Act Audit Solutions, to her questions about whether the auditors reported the transfer of investors' funds

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!