Nuus oor die onlangse The Villa-hofuitspraak/News on the recent The Villa court judgement

Op 22 Julie het ons ‘n artikel uit die Pretoria News geplaas oor ‘n hofuitspraak wat die
partye by die bou van die villakompleks betrek

Nova het ‘n persverklaring oor hierdie aangeleentheid op hul webwerf geplaas. Dit kan
besigtig word by: (sien onder)

On 22 July we posted an article from the Pretoria News on a court judgment involving
the parties to the construction of The Villa complex

Nova have posted a Press Release on this matter in their web site. It can be viewed at:

novapropertygroup.co.za/index.php/press-releases/

BREAKING NEWS!!!

Mr Cuma Zwane, of CIPC and leading the inter-regulatory investigation into Nova has informed Herman Lombaard of the following:

“The Nova Board were issued with a Compliance Notice instructing them to stop selling immovable properties and provide the
Commission with certain documentation. A media release will be published this week with more detail”

Said detail to follow

Nuus oor vanaand se Kyknet/In Gesprek met program//News about tonight’s Kyknet/In Gesprek Met program

(English text appears below the Afrikaans content)

Ons kondig aan dat die segment oor Sharemax-ontwikkelings wat vanaand op Dstv se Kyknet/In Gesprek Met-program uitgesaai sou word, nie sal plaasvind nie

Dit sal op ‘n latere tyd uitgesaai word en ons sal inlig sodra besonderhede van die nuwe gleuf byderhand is

Die rede vir die uitstel is dat die program se produksie bestuur ‘n oproep ontvang het van ‘n persoon genaamd André Brand wat voorheen ‘n direkteur van Sharemax was. Hy het versoek dat Deon Pienaar toegelaat word om deel te neem in die gesprek en gevolglik sal die formaat verander van lewendige gesprek met Herman Lombaard na voorafopgeneemde insette van hom en Deon (en, wonder ons, ander?)

Ons is hoogs nuuskierig oor die ingryp van ‘n voormalige direkteur van Sharemax. Om watter rede? Sharemax was immers uit die prentjie sedert 2010

Die onlangse aankondiging deur die NVG om nie enige party wat as ‘n respondent genoem word, te vervolg op aanklagte wat so ver terug as 2010 gelê is nie (sien ons plasing van 20 Julie) het blykbaar die kat in die duiwehok gegooi. Dit het ‘n vraag in die lug laat hang, naamlik: by wyse van afleiding het die NVG effektief verklaar dat daar geen onwettigheid in die Sharemax-opset was nie en dit wys die vinger na die Reserwebank. Ryk van Niekerk het in sy 26 Julie Moneyweb-artikel oor die besluit geskryf:

The NPA’s decision may put the spotlight back on the controversial ruling by the South African Reserve Bank (Sarb) that Sharemax’s funding model contravened the Banks Act. The ruling triggered the implosion. [of Sharemax and other companies in the property syndication industry]

In ‘n onlangse artikel oor die onderwerp (sien www.moonstone.co.za/npas-decision-to-drop-sharemax-prosecution-will- impact-investors-and-advisers/) het Magnus Heystek voorgestel dat die besluit en aankondiging maak die weg oop vir optrede via “private vervolging”

Gee Brand se ingryping ‘n leidraad oor wat waarskynlik uit die NVG-besluit sal kom? Wat sal Deon Pienaar se insette wees? Vir meer as ‘n dekade was hy ‘n eensame kruisvaarder teen die beweerde onwettige besluit deur die Reserwebank en het hy hom beywer vir die omkeer van hul besluit en die herstel van die Sharemax-bates na die effektiewe eienaarskap van die oorspronklike Sharemax-beleggers
Terwyl Deon Pienaar gefokus het op die Reserwebank-besluit en die uitvloeie daarvan, het NDCAG, deur die wye wisselwerking met relevante owerhede en ander liggame, van Herman Lombaard, ‘n baie breër standpunt ingeneem om ook ander aspekte aan te spreek (byvoorbeeld; die korporatiewe vaslegging van Nova, die beweerde onwettige verkoop van die Sharemax-portefeulje-eiendomme, die versuim om Skuldbriefhouers terug te betaal, die totale mislukking van die sakeredding, onder andere) met die doel om die skuldiges te identifiseer, vervolging, en vir die uiteindelike restitusie van die regte en bates van die oorspronklike beleggers asook vergoeding vir verlore inkomste oor die jare sedert die geïmposeerde sluiting van Sharemax

We advise that the segment on Sharemax developments that was due to air tonight on Dstv’s Kyknet/In Gesprek Met program will not take place

It will be aired on a later date and we will inform once details of the new slot is to hand

The reason for the postponement is that the producers of the program received a call from a person named Andre Brand who was formerly a director of Sharemax. He requested the producers to allow Deon Pienaar to participate and as a result, the format will change from live discussion with Herman Lombaard to pre-recorded inputs from him and Deon (and, we wonder, others?)

We are highly curious about a former director of Sharemax intervening in this way. For what reason? After all, Sharemax has been out of the picture sine 2010

The recent announcement by the NPA not to prosecute any party named as a respondent in charges laid as far back as 2010 (see our post of 20 July) seems to have put the cat amongst the pigeons. This has left a question hanging in the air, viz: by inference, the NPA have effectively stated that there was no illegality in the Sharemax set up and this points the finger at the Reserve Bank. Ryk van Niekerk wrote in his 26 July Moneyweb article on the decision:

The NPA’s decision may put the spotlight back on the controversial ruling by the South African Reserve Bank (Sarb) that Sharemax’s funding model contravened the Banks Act. The ruling triggered the implosion. [of Sharemax and other companies in the property syndication industry]

In a recent article on the topic (see www.moonstone.co.za/npas-decision-to-drop-sharemax-prosecution-will- impact-investors-and-advisers/) Magnus Heystek suggested that the decision and announcement opens the way for action via “private prosecution”

Does Brand’s intervention give a clue as to what’s likely to come out of the NPA decision? What will Deon Pienaar’s inputs be? For more than a decade he has been a lone crusader against the alleged illegal decision by the Reserve Bank and has campaigned for the overturning of their decision and the restoration of the Sharemax assets to the effective ownership of the original Sharemax investors

Whilst Deon Pienaar has focussed on the Reserve Bank decision and its outflows, NDCAG has, through the wide ranging interactions of Herman Lombaard, with relevant authorities and other bodies, taken a much broader stance in addressing other aspects also (for example; the corporate capture of Nova, the alleged illegal sale of the Sharemax portfolio properties, the failure to repay Debenture Holders across the board, the failure of the business rescue etc), identifying culprits and pursuing a path that will lead to the prosecution of such culprits for the ultimate restitution of the rights and assets of the original investors as well as compensation for lost income

 

Disclaimer and entry/usage Terms and Conditions (T&C)

By clicking the “Agree” button below and entering this site, you agree that the material contained herein is for information purposes and is for the personal use of and by bona fide users (being registered Nova Debenture Creditors or their bona fide representatives) only

You also confirm that you are a Debenture Creditor or a bona fide representative of same  

If you are not one of the above you are not entitled to enter this site or to access or use any of the information contained in it and should exit the site immediately

The website will be continuously updated and/or reviewed and its content will be relevant to bona fide NDCAG matters only (but allowing for the posting, sharing and archiving of information relevant to other property syndication issues and action groups) and used only in connection with the NDCAG agenda as may be published and changed from time to time

The content is subject to change without prior notice. The unauthorised use or interception of material, data, information or documents on this website is strictly prohibited and illegal. If this website is not intended for you, you may not copy, distribute or disclose the contents to anyone. The aforesaid is done entirely at your own risk, for which NDCAG and/or any of its agents, nominees or members, shall not be liable.

Any usage that you make of information herein and/or any reliance that you place on same is also strictly at your own risk.

No content in this website implies, states or should be construed as, an undertaking, commitment or guarantee by NDCAG to obtain repayment of amounts invested by anyone, in the former Sharemax property syndication products and which investments are now in the form of Nova Debentures issued in terms of the November, 2011 Schemes of Arrangement