We’re no closer to knowing the outcome of the CIPC Investigation into Nova and the close-down of the Property Syndication Promotion Companies (PSPC) industry back in 2010

The CIPC’s Interim Report has still not been released and so there’s no progress yet towards the planned review meeting that is to be followed by publication of the Final Report with, supposedly, beneficial outcomes for the Sharemax investors and, in many cases, their testamentary successors

It would seem that, as alluded to in our earlier posts and in our Comment and email responses, there is much lobbying underway by unnamed authority bodies to ensure that the report does not contain too much content that is damaging and which can result in reputational damage

This is ironic insofar as, on the one hand, some of these authorities were allegedly complicit (the Final Report is expected to declare this as so) in the original plot to “capture” the PSPCs and on the other hand, some authorities were just not willing, during the period between the 2010 close-down and 2022/23 when the CIPC broadened its PSPC investigation to include all relevant authorities, to actually listen to the activist allegations of gross malpractice and illegality and take appropriate action

In our opinion, the complicit and delinquent authorities deserve whatever negative judgements the Final Report might eventually contain and they can just, in modern parlance, “suck it up”!

Whatever face-saving is eventually achieved, the recommendations, or better still, mandatory decisions, to be delivered in the Final Report must in no way diminish the recompense (return of investment, compensation for loss of earnings since 2010 and compensation for lost “share of profit” out of the original property portfolio value growth that would have occurred over time) due to the original investors or their successors

Further, the Final Report should not in any way diminish the role and culpability of those persons and bodies that were complicit in and benefitted from, the close-down and specifically, aided and abetted the capture of the Sharemax assets which have largely “disappeared” under the management of Nova

Culpable illegal actions must be prosecuted. Simply receiving financial compensation out of the decisions of the CIPC investigation will not actually deliver justice for the loss, deprivation and suffering that has been the lot of the Sharemax investors since 2010

Ons is nie enigsins nader daaraan om die uitslag van die CIPC-ondersoek van Nova en die sluiting van die Propoerty Syndication Promotion Companies (PSPC) bedryf in 2010 te weet nie.

Die CIPC se Tussentydse Verslag is steeds nie vrygestel nie en daar is dus nog geen vordering in die rigting van die beplande hersieningsvergadering wat gevolg sal word deur die publikasie van die Finale Verslag met, vermoedelik, voordelige uitkomste vir die Sharemax-beleggers en, in baie gevalle, hul testamentêre opvolgers nie.

Dit wil voorkom asof, soos verwys na in ons vroeëre plasings en in ons kommentaar en e-pos-antwoorde, daar baie” lobbywerk” aan die gang is deur naamlose gesagsliggame om te verseker dat die verslag nie te veel inhoud bevat wat skadelik is en wat reputasieskade kan veroorsaak nie.

Dit is ironies in soverre, aan die een kant, sommige van hierdie owerhede na bewering medepligtig was (wat die finale verslag na verwagting sal verklaar) in die oorspronklike komplot om die PSPC’s te “vaslê” en aan die ander kant, sommige owerhede net nie gewillig was om gedurende die tydperk tussen die 2010-sluiting en 2022/23 toe die CIPC sy PSPC-ondersoek uitgebrei het om alle relevante owerhede in te sluit, daadwerklik na die aktivistiese bewerings van growwe wanpraktyke en onwettigheid te luister en toepaslike stappe te neem nie

Na ons mening verdien die medepligtige en misdadige owerhede watter negatiewe oordele die Finale Verslag ook al op die ou end mag bevat en hulle moet net, in moderne spreektaal, “suck it up”

Wat ook al die gesigsbesparing uiteindelik bereik word, die aanbevelings, of nog beter, verpligte besluite, wat in die Finale Verslag gelewer moet word, mag geensins die vergoeding (opbrengs van belegging, vergoeding vir verlies aan verdienste sedert 2010 en vergoeding vir verlore “deel in wins” uit die oorspronklike eiendomsportefeulje waardegroei wat oor tyd sou plaasgevind het) verskukldig aan die oorspronklike beleggers of hul opvolgers verminder nie

Verder behoort die Finale Verslag op geen manier die rol en skuld van daardie persone en liggame wat medepligtig was aan en voordeel getrek het uit, die sluiting en spesifiek, bygedra het tot die vaslegging van die Sharemax-bates wat grootliks “verdwyn” het, onder die bestuur van Nova, te verminder nie.

Strafbare onwettige optrede moet vervolg word. Om bloot finansiële vergoeding te ontvang uit die besluite van die CIPC-ondersoek sal nie eintlik geregtigheid lewer vir die verlies, ontbering en lyding wat sedert 2010 die lot van die Sharemax-beleggers is nie.

CIPC have issued this on the postponement:

(Only available in English)

UPDATE:
Kindly be advised that due to conflicting diaries and time constraints, there has been a revision of strategy/approach in terms of the contemplated meeting which was marked for 5 June ’24.

The revised strategy is to avail the preliminary report to regulators and affected parties so they can make inputs for the draft final report over 30-business days. This will afford parties sufficient time to interrogate the report and provide the necessary input prior to a formal sitting. Thereafter, we will convene a meeting (the said inquisition/sitting) to map the final verdict and agree on applicable legal remedies within the context of Section 41 and 42 of the Constitution and subordinate legislation.

The meeting will therefore no longer be holding on 5 June ’24. The exact date will be communicated after input from the various parties has been received and a draft final report has been compiled and circulated to relevant parties.

We trust you find the above in order.

Die hersieningsvergadering van CIPC se bevindinge oor sy ondersoek na Nova en die sluiting van Sharemax in 2010 wat vandag, 14 Mei gestel is, is tot 5 Junie uitgestel weens probleme om ‘n Voorsittende Beampte te vind. Ons verbeel ons dat dit ‘n persoon sou wees wat voldoende ver van die ondersoek af was en voldoende gekwalifiseerd/ervare is om die beraadslagings by te staan ​​en te verseker dat die regte uitkoms gelewer word

Ons is nie bewus van die inhoud van die CIPC se tussentydse verslag en enige aanbevelings wat dit mag bevat nie, maar ons verstaan ​​dat indien/wanneer dit vrygestel word dit “nie vir publikasie” sal wees nie. Wat openbaar gemaak sal word, verwag ons, sal die finale verslag wees wat dan alle aksies van resolusie sal dryf om die Sharemax/Nova-sage uiteindelik tot ‘n einde te bring en beide geregtigheid en vergoeding vir die Sharemax-beleggers te lewer

The review meeting of CIPC’s findings on its investigation into Nova and the shut-down of Sharemax in 2010 that was set for today, 14 May, has been postponed to 5 June due to some difficulty finding a Presiding Officer. We imagine that this would be a person who has been sufficiently distant from the investigation and sufficiently qualified/experienced to assist the deliberations and ensure that the right outcome is delivered
We are not aware of the content of the CIPC’s Interim Report, and any recommendations that it might contain but we understand that if/when released it will be “not for publication”. What will be made public, we expect, will be the Final Report which will then drive all actions of resolution to bring the Sharemax/Nova saga to a close at last and deliver both justice and compensation for the Sharemax investors

This article cab be read at:

<www.ndcag.co.za/go/12042024> www.ndcag.co.za/go/12042024

Or:

www.moneyweb.co.za/in-depth/investigations/did-regulators-scuttle-sh aremax-and-other-property-syndication-schemes/