Interview with Cuma Zwane, lead investigator into Nova Property and the shut-down of the PSPC industry

Onderhoud met Cuma Zwane, hoofondersoeker na Nova Property en die sluiting van die PSPC-industrie

www.cipc.co.za/?p=21307

Dit is nie die Tussentydse Verslag oor die ondersoek waarop so lank gewag word nie. Dit kan eerder gesien word as ‘n bevestiging dat die ondersoek na Nova en die PSPC-industrie-sluiting gereed is vir die volgende stappe.

Miskien is dit ook uitgereik om die kommer en frustrasies wat ontstaan ​​het oor die oënskynlike gebrek aan vordering na uitkomste wat tot verligting vir die PSPC-beleggers behoort te lei, te besweer en om geaffekteerdes en belangstellendes te verseker dat CIPC ten volle van voorneme is om dit tot ‘n punt te neem waar toepaslike bevindings en aanbevelings geformuleer is en dan om enige aangeleenthede wat bestempel word as onreëlmatig en/of onwettig in terme van historiese aksies wat gelei het tot die PSPC-bedryfssluiting, voor toepaslike reguleerders en owerhede te plaas vir oorweging en moontlik verdere optrede.

Let ook daarop dat die uiteindelike uitkomste ook Nova se aktiwiteite en mislukkings sal dek, wat in die eerste plek tot die ondersoek gelei het, asook bevindinge en aanbevelings oor die maatskappy se lewensvatbaarheid en toekoms insluit.

Maar daar word ook daarop gewys dat sommige van die bevindings heel moontlik tot litigasie en hofsake kan lei wat tot verdere vertragings kan veroorsaak voordat finale oplossing bereik word

<www.cipc.co.za/?p=21307> www.cipc.co.za/?p=21307
It is not the investigation Interim Report that has been awaited for so long. Rather, it can be seen as a confirmation that the investigation into Nova and the PSPC industry close-down is ready for the next-steps
Perhaps, it has also been issued to allay the concerns and frustrations that have arisen over the apparent lack of progress towards outcomes that should lead to relief for the PSPC investors and to assure affected and interested parties that CIPC fully intends to take it to a point where appropriate findings and recommendations have been formulated and then to place any matters which are labelled as having been irregular and/or illegal in terms of historic actions that led to the PSPC industry shutdown, before appropriate regulators and authorities for consideration and possibly, further action
Note also that the eventual outcomes will also cover Nova’s activities and failures which led to the investigation in the first place and should include findings and recommendations on the company’s, viability and future
But, it is also pointed out that some of the findings may well lead to litigation and court cases which could result in further delays before final resolution is achieved

On Friday 2 August, Ryk van Niekerk of Moneyweb has expressed his frustration at these ongoing delays via this post:

www.moneyweb.co.za/news/south-africa/cipc-investigation-into-who-san k-sharemax-and-other-schemes-has-ground-to-a-halt/.

But, his frustration cannot be greater that that of the people who have been fighting for justice for the Sharemax and other PSPC company investors, for so long.

More so, it cannot be greater than the frustrations of the Sharemax investors/the Nova Debenture Holders, who (or most of whom) have been waiting for delivery of funds repayment out of the Sharemax Business Rescue Plan (BRP) for so many years.

It has now been advised that the CIPC Commissioner wants the Department of Trade, Industry & Competition (DTIC) brought into the loop by way of them having to be informed of where the investigation stands and what, if any, their (DTIC’s) involvement in the PSPC industry back in the day, might have been.

This, of course, means yet another delay whilst DTIC addresses the matter.

The investigation has been on the go for some two years now and the CIPC report which should originally have been released late in 2023 is still awaited.

How much longer before the Sharemax investors get what’s rightfully due to them? Will we now even see any such outcome this year?