On RSG’s Geldsake program this evening, Moneyweb’s Ryk van Niekerk interviewed Deonette de Ridder, formerly a director of Realcor, one of the Property Syndication Promotion Companies (PSPAs) caught up in the SA Reserve Bank’s close down of the property syndication sector back in 2010
Geldsake headlined the segment:
The CIPC says Realcor did not contravene the Banks Act
In a letter sent by CIPC to Ms de Ridder, they stated, inter alia:
2.3.1. We have evidence to believe that what you call the Realcor Group of Companies (“Realcor”) was not in contravention of the pieces of legislation it was accused of contravening and for which they were eventually liquidated.
2.3.2. From a causality/causation perspective, following the merits of paragraph 2.3.1 above, your sequestration was unlawful.
2.3.3. The above averments stem from the misrepresentation of facts identified in some of the evidence obtained thus far, which was obtained from other regulators, former CEO’s of other companies which managed/administered/promoted property syndications, former property syndications brokers, investors and attorneys (list not exhaustive).
Read Realcor as Sharemax. The former Sharemax directors in office in 2010 will have received, or will be receiving, a similar letter and it will contain, to all intents and purposes, the same text as above meaning that Sharemax was not in contravention of the Banks Act either
This finding out of CIPC’s Inter Regulatory investigation means that there’s light at the end of the tunnel – the possibility begins to emerge that the former Sharemax investors now stand a chance of getting their money back
That decision is however, only the start and a lot of further consultation and decision making between relevant parties, lies ahead
We suggest that you tune in to radio RSG’s Geldsake (presented by Moneyweb) at around 1810 each week-day evening next week and onward. Sharemax and the other PSPCs are going to be in the news – BIG TIME!
Meantime, click on the below link to listen to this evening’s Geldsake program segment Ms de Ridder on Realcor
iono.fm/e/1374657
Please note this podcast is available in Afrikaans only
