Comment on the latest development

In previous posts we have informed about ongoing actions and interactions on our part with both CIPC and Afriforum and it is heartening to see our activity now bearing some fruit

Herman Lombaard of our group has interacted frequently with Afriforum and contributed to their investigation and to their arrival at the point of now challenging the NPA on their previous decision regarding the freezing of the Sharemax/Nova assets as a measure of protection for the Debenture Holders

Afriforum’s upcoming action is confirmation of the validity of Deon Pienaar’s long (and independent) campaign to have the Reserve Bank’s original actions and many aspects of the business rescue plan and its outcomes, declared illegal and for the original assets, namely, the Sharemax properties in which the Debenture Holders invested, returned to them. Deon’s court actions remain ongoing

This latest action in conjunction with the CIPC’s actions also increases the pressure on relevant authorities to, at last, take appropriate action in execution of submissions to them and charges laid, which is long overdue. In this regard, Herman Lombaard laid a charge with the Hawks as far back as 2014. Investigation was undertaken and by 2018 they were ready to make arrests, but nothing transpired. This will not have been the only charge laid with various authorities over the years – all to no avail so far

As far as CIPC is concerned, their investigation is not yet finished, and we are cautiously confident that they will deliver significant outcomes in the not too distant future.


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