Below is a link that is accessible
Die skakel na die CIPC-mediavrystelling wat in die teks ingesluit was, was moontlik nie vir lesers toeganklik nie
Hieronder is ‘n skakel wat wel toeganklik is
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
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”
Read here:
www.moneyweb.co.za/news/companies-and-deals/novas-auditors-accused-o f-failing-to-flag-companies-act-breaches/
Tromp has responded via his Debentures related WhatsApp group as follows:
>>>> Dear Debenture Holder / Interested Party
I trust this message finds you well.
I wish to bring to your attention an article published this morning on Moneyweb
Worth noting, the article reports that the external auditors are considering legal action against me for putting the reasons for my complaint in the public domain. I can confirm that I have received an email from the auditors informing me of a legal process they have initiated.
As Trustee, I always consider the implications of any information I publish on my website. The same applied to the Memorandum relating to the official complaint I lodged with the IRBA.
Regardless of any potential adverse legal consequences on me as Trustee, I will continue to do what is right and communicate the true facts to the Debenture Holders. Whether I am sued for defamation or not, which now appears likely, this will not deter me from exposing the truth.
I have both a statutory and fiduciary obligation to act in the best interests of the Debenture Holders – and I will continue to do so, regardless of any consequences.
Kind regards
JP Tromp In my capacity as Trustee of the Debenture Trust
Lees hier:
www.moneyweb.co.za/news/companies-and-deals/novas-auditors-accused-o f-failing-to-flag-companies-act-breaches/
Tromp het soos volg via sy Skuldbriefverwante WhatsApp-groep gereageer:
>>>> Dear Debenture Holder / Interested Party
I trust this message finds you well.
I wish to bring to your attention an article published this morning on Moneyweb
Worth noting, the article reports that the external auditors are considering legal action against me for putting the reasons for my complaint in the public domain. I can confirm that I have received an email from the auditors informing me of a legal process they have initiated.
As Trustee, I always consider the implications of any information I publish on my website. The same applied to the Memorandum relating to the official complaint I lodged with the IRBA.
Regardless of any potential adverse legal consequences on me as Trustee, I will continue to do what is right and communicate the true facts to the Debenture Holders. Whether I am sued for defamation or not, which now appears likely, this will not deter me from exposing the truth.
I have both a statutory and fiduciary obligation to act in the best interests of the Debenture Holders – and I will continue to do so, regardless of any consequences.
Kind regards
JP Tromp In my capacity as Trustee of the Debenture Trust
.
* Nova’s incorrect interpretation of the Companies Act requirement for finalisation and publication of their Annual Financial Statements (AFS), which they have used as their “excuse” for on-going late finalisation and with the apparent agreement of the auditors (ARC Inc) regarding their stance
* Failure (seemingly by the auditors) to Report to IRBA, as a Reportable Irregularity, Nova’s Income Tax (R62 million) and VAT (R16.3 million) liabilities as reflected in the AFS and which have apparently been accumulating over a number of years
* A representation on why the AFS for 28/2/25 have not yet been finalised and published – with an imputation that the delay may be the exercise of a deliberate ploy whilst certain developments might occur that could improve the position of the company as to be reflected the financial statements. Tromp does not say so directly, but the reporting of this to IRBA suggests that he feels that ARC Inc is complicit in the delays with the ’25 AFS
Tromp states in conclusion of his submission that the issues reported “..collectively raises material concerns regarding governance, financial stability, and audit transparency within the Nova Group”
The submission and supporting documents can be viewed in his business web site at www.carian.co.za/post/complaints-lodged-with-the-independent-regulat ory-board-for-auditors
What are the possibilities of a meaningful outcome and what are the powers of IRBA in this connection?
Information out of the IRBA web site (via Google AI) informs that after investigation, a finding that corroborates Tromp’s complaint can result in any of Monetary Fines, Cancellation or Suspension (not actually stated but it’s relevant to the reported auditor?), Imposition of Conditions, Public Censure and Cost Orders
Further, where IRBA finds that elements of the complaint are non-relevant to the auditors themselves but evidences malpractice within the relevant company,
cross-reporting becomes necessary:
* “When a complaint details breaches of the Companies Act (such as reckless trading, failure to hold AGMs, or financial misstatements that are the fault of company directors/management rather than the auditor), the IRBA is obliged to refer the non-auditor portions of the complaint to the appropriate statutory authority, which is primarily the CIPC” (Source: www.accountancysa.org.za/reportable-irregularities-creating-a-cultur e-of-compliance/)
Does this new development add a compelling layer to the existing issues with Nova? Would it be sufficient to push CIPC to expedite completion of its Companies Act related investigation to the point of the envisaged Tribunal hearing and resulting findings on Nova’s breaches of the requirements of the Act, its seemingly deliberate hiding of a very much adverse financial position which we would expect, would only verify, yet again and by competent analysts, the company’s ongoing insolvency?
We receive no information from CIPC and what we do hear comes to us indirectly. We think that it’s time to call for a formal statement on the state of affairs regarding both the internal CIPC investigation into Nova and the wider CIPC investigation into the 2010 shut-down of the PSPC industry – in the public interest”- being primarily, for us, the interests of the former Sharemax investors but also all of the investors in the PSPC companies