* The contentious Trustee appointment * What the Trustee has been doing during the last two years as regards the interests of the Debenture Holders * What the Trustee has experienced and detected during that period which might have affected the interests of the Debenture Holders and what such might be
So, we have sent the following to him and here too, we will share his responses which, he has advised, will be forthcoming in the course of the week ahead
1. Why did you not support our challenge or at least ask for clarifying inputs, about Myburgh’s and/or the company’s eligibility to convene and manage the Trustee election process? This despite the fact that you were “only” the candidate and as a “newbie” possibly feeling that you were not in a position to do so? 2. During one of the election meetings, Myburgh stated publicly, in connection with an unsettled court judgement against Deon Pienaar, that the amount in question was “our money” meaning funds that belong to the Debenture Holders. Arising from this, you have, for the last two and a half years or so, been remunerated with our money. Putting aside the view that your function was not to look after the interests of the Debenture Holders – as evidenced by the content and lack of specifically defining content – in the Trust Deed, what did you do during this time to earn payment with our money? 3. We suggest that you must have recognized the Trust Deed as a sham document upon first reading it? Did you determine to take appropriate action to rectify this and what did that action comprise? If not, what were your reasons for not addressing it? 4. Why has it taken you so long, since early 2022, to come back to NDCAG after our initial discussions? 5. Please advise again your reasons for actually agreeing to and signing off, the 2022 Executive proposal to extend the final Debenture payment date beyond January 2022 6. What was your view of the disputed final payment deadline – the “ten years after implementation of the BRP” as per the SoA’s and do you still hold those views. To what extent did you argue or debate the point with Myburgh and/or the Board, what were your arguments, before agreeing and what was their response? 7. Given our view that Myburgh hand-picks the Trustee out of the group of connected persons who have had frequent interaction with the group of persons who form the cabal which engineered the shut-down of the PSPC companies and captured their assets, would you state that the same applies to the appointment of the company’s auditors? 8. If you agree that the current and possibly all of the previous auditors have been connected insiders what are your views as a Chartered Accountant, of their performance, their annual reports that are included in the AFS and the validity and integrity of their audits? 9. As a Trustee of a registered Trust, you would have a duty to care for and protect the interests of the Trust’s beneficiaries and an obligation to report any malpractice, irregularity or illegality detected in the Trust’s activities. In your opinion do these standard responsibilities apply even in the case of the unregistered Debenture Trust and would you agree that you should be reacting and proceeding accordingly in the event of detection of any malpractice, irregularity or illegality that, in your opinion, both as Trustee and Chartered Accountant, have a negative impact on the interests of the Debenture Holders? 10. You should have some idea of the company’s capability to repay the Debentures or otherwise. What is that situation right now in the absence, since the last Annual Financial statements as at 28 February 2023 and nearly 20 months now without any meaningful communication to the Debenture Holders in the interim, that would indicate the state and standing of the company and ability to or progress towards, debenture repayment?