www.moneyweb.co.za/moneyweb-opinion/soapbox/30-years-after-masterbon d-investors-are-still-vulnerable/
This article does not reference the Sharemax/Nova disaster and investor repayment failure but it contains a statement that is very relevant to the Debenture Holder’s situation
That statement is:
>>>>> AUDITORS EXIST FOR ONE REASON: TO GIVE PEOPLE WHO CANNOT SEE INSIDE A BUSINESS AN INDEPENDENT OPINION THEY CAN RELY ON <<<<>>>> “The Commission of Inquiry into the Affairs of the Masterbond Group and Investor Protection in South Africa, chaired by retired Judge HC Nel, did not soften its language.
>>>>> Among some of the auditors it examined, it found “an astonishing degree of dishonesty, inefficiency, lack of professional integrity and lack of independence”
We have to ask: Where do Nova’s external auditors – ARC Inc – stand in this context?
They recently informed Nova Debenture Trustee J-P Tromp that the audit is not yet finished – more than a year after the Companies Act defined deadline for publication of 31 August 2025!
Why not and what is the hold-up?
It seems obvious that there are factors in the information that Nova has presented to ARC that are extremely contentious and that clearly, have not and cannot be resolved by Nova, in order to allow them (ARC) to sign-off on the audit
But the bigger questions are:
* Who is pulling the strings in this matter? * Why is ARC, apparently, allowing themselves to be manipulated and/or exposed in this way? * Why do ARC not force the issue by applying strict compliance with the relevant Acts and under the Independent Regulatory Board for Auditors (IRBA) Code of Professional Conduct?
And, underlying all of the above:
>>>>> WHAT ARE THE ISSUES THAT ARE PREVENTING AUDIT FINALISATON AND AFS PUBLICATION? <<<<<
And behind that again, is the issue of the delayed 2025 AGM and the further CIPC Companies Tribunal approved extension of deadline which is nothing else but a delaying tactic by the Nova Board so that they can continue to deliberately withhold the 2025 financial results (and therefore an expectation, if not a certainty, that, in the absence of any near-future definitive action by CIPC/Companies Tribunal or other authority, exactly the same situation is going to apply re the 2026 AFS and AGM)
Following posting hereof, the text has been emailed to:
* Nova, for attention of The Chairman and the Board * ARC Inc, for attention of Theo Rautenbach * The CIPC Companies Tribunal for attention of the and the Nova investigation team * Cuma Zwane, Senior Investigator Corporate Compliance and Disclosure Unit * The IRBA * Nova Debenture Trustee J-P Tromp