CIPC het ‘n persvrystelling gepubliseer wat ‘n opdatering gee oor hul ondersoeke na (hoofsaaklik) Nova en melding van die sluiting van die PSPC-bedryf in 2010 noem

Lees hier: <cdn.files-text.com/us-south1/api/lc/att/19347745/fbeed87c1fcbb657d223eb5d2b256f8b/Nova-Sharemax-Investigation-Media-Release.pdf?utm_medium=chat&utm_campaign=link-shared-in-chat&utm_source=livechat….> Nova-Sharemax-Investigation-Media-Release.pdf

Alhoewel dit die vordering van ondersoeke sedert 2020 verduidelik, is die enigste belangrike punte vir Skuldbriefhouers “….(CIPC) is nearing a legal turning point in its long-running investigation …”, hierdie stelling:
“At this juncture in the investigation, the CIPC anticipates that based on the merits thus far, the National Director of Public Prosecution (NDPP) will intervene and consider the most efficient and prompt legal recourse under the current circumstances…” en die laaste paragraaf: “The CIPC has reaffirmed its commitment to fulfilling its regulatory mandate and acknowledges the financial hardship experienced by several Debenture Holders and Investors of the various companies forming the subject of this appraisal.”

Wat behels ‘n “legal turning point”? Dit skakel na die besonderhede oor die NPA se “prompt legal recourse”. In ‘n vorige plasing het ons ingelig oor ‘n onbevestigde verslag dat die CIPC die PSPC-ondersoek se tussentydse verslag aan die NPA gestuur het en dat aanklagte ingedien is. Daar is steeds geen bevestiging of besonderhede hieroor vanuit die CIPC nie, maar ons het geen rede om te twyfel dat ons bron van die inligting nie betroubaar is nie. Wat hierdie aksies wel aandui, is dat die wiele agter die skerms draai en dat positiewe resultate op hande is

Dat die CIPC “reaffirmed its commitment” is goeie nuus vir die skuldbriefhouers. Dit beteken dat hulle steeds verbind is en dus sal voortgaan om binne die ruimte van die staatsorgane vir vordering en resultate te druk

Dit mag dalk nie nou ‘n positiewe ontvangs skep nie, maar solank hulle steeds aktief in die saak otree, is daar hoop vir ‘n uiteindelike oplossing wat skuldbriefterugbetaling sal lewer. Dit gesê vanuit die oogpunt dat Nova nie die nodige fondse het en nooit sal hê om terug te betaal nie – dit was nooit hul strategiese bedoeling nie en enigiets wat teendeel gesê word, is slegs lippediens aan die rede vir hul bestaan ​​– en dat die NPA en NDPP (Nasionale Dirextore for Public Prosecurions) die goedere lewer in terme van ooreenkoms oor die geldigheid van CIPC se bevindinge en die nodige regstappe doen om die nodige hofuitsprake ten uitvoer te bring

Toevallig – maar miskien nie – het Daily Investor (DI) ook op 4 Junie ‘n artikel oor The Villa-kompleks gepubliseer met insette van uitvoerende hoof Haese oor voornemens vir die hervatting van die ontwikkeling van die eiendom

Lees hier: dailyinvestor.com/property/137232/new-plans-for-the-half-built-ghost-shopping-mall-which-has-stood-empty-for-16-years/

Ons het op die artikel gereageer via ‘n kommentaar op die DI-webwerfblad soos volg:

>>> “Post from Nova Debenture Creditors Action Group, <ndcag.co.za> ndcag.co.za and <web.facebook.com/profile.php?id=100067221587800> web.facebook.com/profile.php?id=100067221587800.

 We are curious about this post as it doesn’t say anything concrete and appears to be similar to previous Broad Media posts on the Sharemax/Nova saga/debacle  We wonder if the article was instigated via an approach by Nova? (Daily Investor/Kirsten Minnaar: comment welcomed – herein or to <mailto:[email protected]> [email protected]) 

It’s appearance is interesting because, also yesterday, CIPC issued a media release update on their investigations into (primarily) Nova (Companies Act compliance related) and mentioning the 2010 shut-down of the PSPC industry (Property Syndication Promotion Company) and the alleged illegalities and irregularities perpetrated by SARB and the then Financial Services Board – See <cdn.files-text.com/us-south1/api/lc/att/19347745/fbeed87c1fcbb657d223eb5d2b256f8b/Nova-Sharemax-Investigation-Media-Release.pdf?utm_medium=chat&utm_campaign=link-shared-in-chat&utm_source=livechat….> cdn.files-text.com/us-south1/api/lc/att/19347745/fbeed87c1fcbb657d223eb5d2b256f8b/Nova-Sharemax-Investigation-Media-Release.pdf?utm_medium=chat&utm_campaign=link-shared-in-chat&utm_source=livechat….  

Is the post just another attempt by Nova to garner some good press and yet another invocation of the White Knight fiction about finance providers standing by to bail the company out. Who is going to finance a company that must have a very low-level credit rating, with hugely diminished inherent value after concerted fixed asset sell-off over the years? We say to Nova: Good Press requires Good Actions – of which there have been none – at least since 2013 when Nova Debentures were last repaid, with a value of 2.2 billon of same still requiring repayment and with the AFS for year-ending 28 February 2025 (yes, 2025!) still not published

 Long story short: the subject article on prospects for The Villa complex is just another smoke and mirrors display by the company”

CIPC has published a Media Release providing an update on their investigations into (primarily) Nova and mentioning the 2010 shut-down of the PSPC industry

Read here: <cdn.files-text.com/us-south1/api/lc/att/19347745/fbeed87c1fcbb657d2 23eb5d2b256f8b/Nova-Sharemax-Investigation-Media-Release.pdf?utm_medium=chat &utm_campaign=link-shared-in-chat&utm_source=livechat.com&utm_content=www.bi zportal.gov.za> Nova-Sharemax-Investigation-Media-Release.pdf

Whilst it explains the progress of investigations since 2020, the only salient points for Debenture Holders are “….(CIPC) is nearing a legal turning point in its long-running investigation …”, this statement: “At this juncture in the investigation, the CIPC anticipates that based on the merits thus far, the National Director of Public Prosecution (NDPP) will intervene and consider the most efficient and prompt legal recourse under the current circumstances…” and the final paragraph: “The CIPC has reaffirmed its commitment to fulfilling its regulatory mandate and acknowledges the financial hardship experienced by several Debenture Holders and Investors of the various companies forming the subject of this appraisal.”

What does a “legal turning point” entail? This links to the detail about the NPA “prompt legal recourse”. In a previous post we informed of an unconfirmed report that CIPC had forwarded the PSPC Investigation’s Interim Report to the NPA and that charges had been laid. There is still no confirmation of or detail on this out of CIPC but we have no reason to doubt that our source of the information is not reliable. What these actions do indicate is that the wheels are turning behind the scenes and that positive results are in the offing

That the CIPC has “reaffirmed its commitment” is good news for the Debenture Holders. It means that they are still committed and will therefore continue to press withing the spere of the organs of state space for progress and results

This may not create a positive reception now but as long as they are still active in the matter, there is hope for an eventual resolution that will deliver debenture repayment. This said from the viewpoint that Nova have not and will never have the necessary funds to repay – its never been their strategic intention and anything said to the contrary is only lip service to the reason for their existence – and that the NPA and NDPP (National Director of Public Prosecutions) delivers the goods in terms of agreement on the validity of CIPC’s findings and produces the necessary legal action to get the necessary court judgements executed

Co-incidentally – but maybe not – Daily Investor (DI) also published, an article on 4 June on The Villa complex with inputs from CEO Haese on intentions for resumption of development of the property

Read here: dailyinvestor.com/property/137232/new-plans-for-the-half-built-ghost -shopping-mall-which-has-stood-empty-for-16-years/

>>> “Post from Nova Debenture Creditors Action Group, <ndcag.co.za> ndcag.co.za and <web.facebook.com/profile.php?id=100067221587800> web.facebook.com/profile.php?id=100067221587800.

 We are curious about this post as it doesn’t say anything concrete and appears to be similar to previous Broad Media posts on the Sharemax/Nova saga/debacle  We wonder if the article was instigated via an approach by Nova? (Daily Investor/Kirsten Minnaar: comment welcomed – herein or to <mailto:[email protected]> [email protected]) 

It’s appearance is interesting because, also yesterday, CIPC issued a media release update on their investigations into (primarily) Nova (Companies Act compliance related) and mentioning the 2010 shut-down of the PSPC industry (Property Syndication Promotion Company) and the alleged illegalities and irregularities perpetrated by SARB and the then Financial Services Board – See <cdn.files-text.com/us-south1/api/lc/att/19347745/fbeed87c1fcbb657d2 23eb5d2b256f8b/Nova-Sharemax-Investigation-Media-Release.pdf?utm_medium=chat &utm_campaign=link-shared-in-chat&utm_source=livechat.com&utm_content=secure .livechatinc.com> cdn.files-text.com/us-south1/api/lc/att/19347745/fbeed87c1fcbb657d22 3eb5d2b256f8b/Nova-Sharemax-Investigation-Media-Release.pdf?utm_medium=chat& utm_campaign=link-shared-in-chat&utm_source=livechat.com&utm_content=secure. livechatinc.com  

Is the post just another attempt by Nova to garner some good press and yet another invocation of the White Knight fiction about finance providers standing by to bail the company out. Who is going to finance a company that must have a very low-level credit rating, with hugely diminished inherent value after concerted fixed asset sell-off over the years? We say to Nova: Good Press requires Good Actions – of which there have been none – at least since 2013 when Nova Debentures were last repaid, with a value of 2.2 billon of same still requiring repayment and with the AFS for year-ending 28 February 2025 (yes, 2025!) still not published

 Long story short: the subject article on prospects for The Villa complex is just another smoke and mirrors display by the company”