‘n Potgooi hieroor is te vinde by: iono.fm/e/1379020
(Slegs in Engels beskikbaar)
A podcast on this segment is available at: iono.fm/e/1379020
Moneyweb have done their usual thorough analysis and equally as usual, they “tell it like it is”. The picture that it paints is that Debenture Holders can not realistically expect repayment out of Nova, which, possibly, faces being placed under administration as one of the outcomes of the CIPC investigation into its affairs. This has already been alluded to in CIPC’s media release on the Compliance Notices issued to Nova, in August last year
Is this yet another blow for debenture holders and is there any good news? It’s long been apparent that Nova can’t repay and CIPC stated last year that, in their opinion, Nova has neither the capability nor the intention to do so!
The good news still lies in the potential outcomes of the CIPC’s inter-regulatory investigation into Nova and the wider issues surrounding the Property Syndication Promotion Companies (PSPCs) close-down in 2010 – which included Sharemax
CIPC have “gone public” with an announcement about the SA Reserve Bank & the (then) Financial Services Board’s (FSB) actions back in 2010. They did this (process still underway?) by advising the former directors of those PSPCs that that were shut down, that the 2010 actions of SA Reserve Bank and the FSB were/are illegal. They have also informed those directors that “A preliminary report containing comprehensive detail that establishes the grounds of our averments [refer our post in this page on 27 October] will be published in due course to allow various stakeholders to make submissions that will address the issues requiring attention and cause to be redressed that which various courts wrongfully accepted as truth”
Note the “address the issues” and “cause to be redressed”. It is in the further outflows of the investigation that the best hope of debenture repayment lies. But, it will take time. This is all taking place in the regulatory and legal arenas and much deliberation and decision making still lies ahead as well as the possible need for court orders and/or judgements
Read the Moneyweb AFS analysis here:
www.moneyweb.co.za/news/south-africa/nova-cannot-repay-former-sharem ax-investors/?mc_cid=7a776e03e7 <www.moneyweb.co.za/news/south-africa/nova-cannot-repay-former-share max-investors/?mc_cid=7a776e03e7&mc_eid=8c2e642ad4> &mc_eid=8c2e642ad4
Or
<www.ndcag.co.za/go/20231109> www.ndcag.co.za/go/20231109
The Nova AFS can be viewed at: novapropertygroup.co.za/index.php/financial-statements/
Moneyweb het, soos gewoonlik n deeglike ontleding gedoen en, weer soos gewoonlik, hulle tell it like it is. Die prentjie wat dit skets is dat skuldbriefhouers nie realisties terugbetaling van Nova kan verwag nie, wat moontlik nog onder administrasie geplaas kan word as een van die uitkomste van die CIPC-ondersoek na sy sake. Daar is reeds daarop gesinspeel in CIPC se mediavrystelling in Augustus verlede jaar, oor die Nakomingskennisgewings wat aan Nova uitgereik is
Is dit nog ‘n slag vir skuldbriefhouers en is daar enige goeie nuus? Dit is lankal duidelik dat Nova nie kan terugbetaal nie en self CIPC het verlede jaar gesê dat Nova na hul mening, nie die vermoë of die bedoeling het om dit te doen nie!
Die goeie nuus lê steeds in die potensiële uitkomste van CIPC se interregulatoriese ondersoek na Nova en die wyer kwessies rondom die sluiting van eiendomsindikasiebevorderingsmaatskappye (PSPC’s) in 2010 – wat Sharemax ingesluit het
CIPC het in 2010 “publiek gegaan” met ‘n aankondiging oor die SA Reserwebank en die (destydse) Raad op Finansiële Dienste (RFD) se optrede. Hulle het dit gedoen (proses is nog aan die gang?) deur die voormalige direkteure van daardie PSPC’s in kennis te stel dat die 2010-aksies van die Reserwebank en die RFD onwettig was/is. Hulle het ook dié direkteure ingelig dat ’n Voorlopige verslag wat omvattende besonderhede bevat wat die gronde van ons bewerings vasstel mettertyd gepubliseer sal word om verskeie belanghebbendes in staat te stel om voorleggings te maak wat die kwessies sal aanspreek wat aandag verg en dit wat verskeie howe verkeerdelik as waarheid aanvaar het, sal laat regstel (vertaling van die oorspronklike Engelse teks). Verwys ook ons pos in hierdie bladsy van 27 Oktober
Let op die “kwessies sal aanspreek” en “sal laat regstel. Dit is in die verdere uitvloeie van die ondersoek dat die beste hoop op skuldbriewe-terugbetaling lê. Maar, dit sal tyd neem. Dit vind alles plaas in die regulatoriese en wetlike arenas en baie beraadslaging en besluitneming lê nog voor asook die moontlike behoefte aan hofbevele en/of uitsprake
Lees die Moneyweb Jaarstate-ontleding hier:
www.moneyweb.co.za/news/south-africa/nova-cannot-repay-former-sharem ax-investors/?mc_cid=7a776e03e7 <www.moneyweb.co.za/news/south-africa/nova-cannot-repay-former-share max-investors/?mc_cid=7a776e03e7&mc_eid=8c2e642ad4> &mc_eid=8c2e642ad4
of
<www.ndcag.co.za/go/20231109> www.ndcag.co.za/go/20231109
Die Nova Jaarstate kan besigtig word by: novapropertygroup.co.za/index.php/financial-statements/
Moneyweb’s latest posting following up the RSG Geldsake segment of Friday night
www.ndcag.co.za/go/23356
of/or
<www.moneyweb.co.za/in-depth/investigations/the-sarb-wrongly-scuttle d-realcor-cipc/?fbclid=IwAR0MovGEyRoYynBIah-1_T9BUGf0KMWy50IhR0FQE1N7MUfz_a8 DotllbIY> www.moneyweb.co.za/…/the-sarb-wrongly-scuttled…/
(Artikel slegs in Engels beskikbaar)
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
Please note this podcast is available in Afrikaans only
Geldsake het die segment sό getitel:
Die CIPC sê Realcor het nie die Bankewet oortree nie
In ‘n brief wat CIPC aan me de Ridder gestuur het, het hulle onder andere gesê:
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).
Lees Realcor as Sharemax. Die voormalige Sharemax-direkteure in die amp in 2010 sal ‘n soortgelyke brief ontvang het, of sal nog ontvang, en dit sal in alle opsigte dieselfde teks as hierbo bevat, wat beteken dat Sharemax ook nie die Bankwet oortree het nie.
Hierdie bevinding uit CIPC se interregulerende ondersoek beteken dat daar lig aan die einde van die tonnel is – die moontlikheid begin na vore kom dat die voormalige Sharemax-beleggers nou ‘n kans staan om hul geld terug te kry
Daardie besluit is egter net die begin en baie verdere konsultasie en besluitneming tussen relevante partye lê voor
Ons stel voor dat u volgende week en verder elke weekdagaand omstreeks 1810 op radio RSG se Geldsake (aangebied deur Moneyweb) inskakel. Sharemax en die ander PSPC’s gaan in die nuus wees – BIG TIME!
Klik intussen op die onderstaande skakel om na vanaand se Geldsake-programsegment me de Ridder oor Realcor te luister
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