Ons het die volgende teks per e-pos gestuur aan die genoemde regulerende owerhede en ARC Inc, die ouditeure van Nova:
We have sent the following text via email to the named regulatory authorities and ARC Inc, the Nova auditors:
For attention:
ARC Inc: Theo Rautenbach
IRBA: The Board and the Director: Investigations
CIPC: Advocate Rudi Voller and Cuma Zwane
Companies Tribunal: Dr Simukele Khoza
For Information:
Nova Propgrow: Board Chair Connie Myburgh and Directors
Nova Debenture Trustee J-P Tromp
Good day to all
Please refer to the attached text of a recent posting in our web site ( <www.ndcag.co.za> www.ndcag.co.za) and Facebook page ( <web.facebook.com/profile.php?id=100067221587800> web.facebook.com/profile.php?id=100067221587800) on the matter of the long overdue Nova Propgrow (Nova) Annual Financial Statements (AFS) for year-ending 28 February 2025
[The referenced posting is that of 19th October and present elsewhere in tis screen]
All addressees should already be aware of the situation regarding the subject AFS via the formal submissions by and/or correspondence from Nova Debenture Trustee, J-P Tromp (and, in all likelihood, aware also of the many historical and ongoing issues, irregularities and failures as have appeared in the media since 2011)
We have opened our sites post with a link to and a quote from a Moneyweb article written by Bart Henderson, fraud risk specialist and forensic investigator, re the role of the auditor, viz:
AUDITORS EXIST FOR ONE REASON: TO GIVE PEOPLE WHO CANNOT SEE INSIDE A BUSINESS AN INDEPENDENT OPINION THEY CAN RELY ON
There may be differing viewpoints on the priority focus of auditors as that stated by Henderson but the point is valid in relation to Nova’s history, obligations and failures in its role as the product of the Sharemax Business Rescue Plan and its responsibility for the repayment of the Nova Debentures which replaced the investment product shares of most of the Sharemax investors and, specifically, in relation to the current non-compliance issue with Nova: the outstanding 2025 Annual Financial Statements (AFS). In addition to the Companies Act compliance failure, this is, effectively, another instance of Nova’s isolation of the Debenture Holders where communication with them is almost non-existent
We are of firm opinion that CIPC and the Companies Tribunal, IRBA and possibly even ARC Inc are being manipulated by Nova for its own purposes
We also question ARC’s actions/non-actions as regards finalisation of the Nova 2025 audit and whether it is in fact acting in collusion with Nova for whatever reason of its own
We submit to you that those Nova purposes are to deliberately conceal the true state of the company’s affairs whilst flouting its obligations under the Companies Act. For years, analysis opinion has been that the company is insolvent, which has also been the stated opinion out of CIPC
Regarding ARC and whatever its motives and reasons are for the audit non-finalisation, we maintain that they are in contravention of their responsibilities under any/all of the Audit Profession Act, the Companies Act and the IRBA Code of Professional Conduct (IRBA Code)
Henderson has also raised the matter of Regulatory Failure in respect of Masterbond and he details what was built and implemented, “post-Masterbond” – to resolve/prevent such failures
That focus has been echoed in an article in Moneyweb ( <www.moneyweb.co.za/in-depth/investigations/cipc-saw-the-nova-disaste r-coming-and-failed-to-stop-it/> www.moneyweb.co.za/in-depth/investigations/cipc-saw-the-nova-disaster-coming -and-failed-to-stop-it/) in which it is posited that regulatory failure has also occurred at CIPC through its lack of action re Nova
Nova Debenture Trust Trustee, J-P Tromp, has also addressed relevant regulatory failure in his communication to National Assembly’s Portfolio Committee on Trade, Industry and Competition stating in his Nova Debenture Trust WhatsApp group, inter alia:
>>>>> 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.
Therefore, we call upon the three central entities in this submission for action:
* ARC Inc: to be guided by and to immediately act as required, under the mentioned Acts and the IRBA Code
* IRBA: to invoke the appropriate procedures to,
* Investigate the audit finalisation delays * censure ARC Inc if necessary and as appropriate out of the findings and; * Request a written explanation as to why no Reportable Irregularity was submitted to the IRBA with reference to the multiple purported legislative transgressions, Section 30, Section 61 (of the Companies Act) as well as the fact that the CEO has made a public statement that the Nova Group is experiencing an ‘insolvent financial position’. * Request a written explanation of the factors and circumstances that are preventing ARC from completing the audit
* CIPC/Companies Tribunal: to issue a Compliance Notice requiring Nova’s immediate finalisation and publication of the 2025 AFS
We urge all addressees to take all appropriate action and push for progress to resolve the fiasco that the original Sharemax Business Rescue plan has become in the hands of Nova Propgrow and we thank all in anticipation of such positive action
Acknowledgements of receipt would be appreciated as would responses informing of hopefully, entity actions to address the above