This article comes on the back of the Bart Henderson article on the Masterbond and BHI Trust failures posted earlier today
They both raise the question of State entity failure to exercise their regulatory and watchdog functions appropriately and to the detriment of investors and the public
Members have often questioned, via Comment to our posts, the lack of progress out of CIPC and the Companies Tribunal on moving the Nova and CIPC shut-down investigations forward and here we have a media entity also raising its concerns
Nova Debenture Trustee J-P Tromp continues to activate in execution of his role and has also escalated his concerns via this statement on his Nova Debenture Trust WhatsApp group:
>>>>> Over the past 4½ years in my capacity as Trustee, I have reached a point of near helplessness in the face of the continued non‑action by various Regulators regarding the countless and well‑documented instances of reckless conduct by the Nova Board of Directors. I can only imagine the heartache and frustration that Debenture Holders have endured for more than 16 years.
We are all painfully aware of the human cost of this prolonged injustice — investors driven to despair, some tragically taking their own lives; many living in poverty, struggling to survive on meagre pensions while hoping and praying for even a modest recovery of their investment. The suffering of Debenture Holders stands in stark contrast to the circumstances of the Directors of Nova, who were entrusted with safeguarding investor funds yet do not share in the hardship their decisions have caused.
In light of this, I have taken the decisive step of escalating the ongoing regulatory inaction — particularly from the CIPC — to the National Assembly’s Portfolio Committee on Trade, Industry and Competition. This matter now sits before a structure with the authority to intervene meaningfully.
As a matter of courtesy, I have informed the Nova Board of Directors of my actions.
I am confident that the issues surrounding Nova have now been placed before the appropriate authorities for urgent attention.
Once feedback is received, I will publish the communication on my website without delay.