We include in this post, a copy of their recent letter, written to the Western Cape High Court (WCHC) ahead of upcoming court actions and accessible here: <www.ndcag.co.za/go/20251028-1> www.ndcag.co.za/go/20251028-1
This letter is potentially significant for all of the people who have been so negatively affected by the events of 2010. It is the first time that an organ of state (CIPC is a division of the DTIC – Department of Trade & Industry and Competition) has come out and tabled that they have concluded that there are factors outside of the historical and existing legal opinions and drivers that the courts need to be aware of
The letter is only available in English (and will not be translated into Afrikaans for fear of translation error). But readers should appreciate its potential importance and what it already reveals about what is likely to come out of the Investigation
Whilst the content of the letter appears to be aimed at changing the playing field as to the specifically named Deon Pienaar cases, the action has, potentially, implications that could be significant for the whole of the 2010 PSPC company shutdown and all that flowed from it and it suggests that the real story, as is expected to be eventually revealed in CIPC’s Final Report, should already be guiding any related legal processes
The letter also suggests that the CIPC are certain of their case as to the findings of their investigation and that what they now consider to be the false narrative that has been generally accepted (but not by the activists and the PSPC Company directors and certainly not by the investor victims) down the years must now be addressed
As a footnote to the above, we have also been informed that the legal counsel of the SA Reserve Bank (SARB) has addressed CIPCs Cuma Zwane on some concerns arising out of his letter to WCHC and Zwane has responded putting the situation into perspective. It can be deduced from the content that the story behind these letters is that SARB have not been keeping up to speed in this matter and that, possibly, this may be one of the reasons as to why the Investigation’s Interim Report has not yet been released. From the response sent to SARB’s legal counsel it can also be inferred that CIPC has told them to “get with the program”
These additional letters can be read here:
<www.ndcag.co.za/go/20251103-1> www.ndcag.co.za/go/20251103-1
<www.ndcag.co.za/go/20251103-2> www.ndcag.co.za/go/20251103-2