what happened to sharemax

In 2012, in a court-sanctioned scheme of arrangement, the property developments were taken over by Nova Property … You owned that asset indirectly through your shareholding in a holding company. Although Sharemax has never been found by a court to have been one, that is the common structure of all Ponzi schemes. The original charge was laid in 2010, but not much has happened since then. Maritz objected to this and some of the questions and statements made by Sooklal to Professor Harvey Wainer, an expert witness for the three auditors. If you have a YouTube, Hulu, Disney+, HBO, Netflix, Amazon Prime account or you use any other streaming service, you can play the media on your TV using TVShareMax in a matter of seconds. The fact that Pauw ignored to say in that same article that Sharemax was alowed to carry on with the project after they changed the investment instrument to comply with the SARB interpretation of the commercial notice was crucial. Maritz added that when Griffiths made his disclosure about any involvement with Irba and its committees, Griffiths proudly turned the camera to some certificate on the wall and made a meal of pointing out that this was an Irba certificate of excellent service because of his involvement in the investigating committee work. var textParagraph = document.getElementById("textParagraph"); Besides, complainant had access to the media reports and feels that no one knows what happened with this Sharemax debacle. var range = document.selection.createRange(); by Moneyweb March 15, 2017 Financial News. “We now know in the evidence that … there was never any foundation for that, yet that allegation was made for a particular reason, a false allegation and a misrepresentation was made. Is that not something that might happen here – that you then get the liquidators getting their hands on Sharemax, and heaven knows if anything’s going to come out after that’s happened. function createTweetLink(text, e) { return range.toString() In regard to Griffiths, Maritz said he has too many hats and cannot sit on a disciplinary committee with his history and his Irba hat on. Cache-A Archive Appliances. Gerrie Nel announced during a media conference today that the Private Prosecution Unit has drafted an order of preservation to prevent the Nova Property Group (for all practical purposes a continuation of Sharemax) from selling the company’s properties at values far below its market value – at the expense of investors. jQuery(appendedTweetLink).css({ Simple Set-Up. Sharemax was merely a promoter of different property companies (individual syndication companies) in which all of you, were historically invested in as shareholders. newTweetLink.target = "_blank"; Of every Investors lump sum Investment a certain portion would have been set aside to pay investors their return until completion of the Villa on 1 March 2011. Justice for another Sharemax casualty The case highlights the checklist you and your adviser should use to avoid falling victim to similar schemes in the future. Collapsed property syndication company Sharemax has made many headlines, with the Ombud often ordering advisers to pay back investors their money. AfriForum and Adv. “You do not load the committee with ex-investigating committee chairmen,” he said. Sharemax Investments Pty Ltd is headquartered in South Africa. newTweetLink.href = "https://twitter.com/intent/tweet?text=" + encodeURI(text) + "&url=https://www.moneyweb.co.za/in-depth/investigations/advocate-for-former-sharemax-auditors-claims-case-is-a-nullity/&via=Moneyweb"; Maritz added that the powers that be at Irba do not understand that proceedings such as these are supposed to be seen to act completely independently and in an unbiased and impartial fashion, which is the cornerstone of a fair trial and a constitutional right. You will be redirected to a checkout page. Sharemax Investments collapsed in 2010 after the finding by a registrar of banks investigation that Sharemax’s funding model had contravened the Bank Act became public knowledge. The fate of The Villa, the partially completed R3.5 billion retail development east of Pretoria, is likely to become clear by the end of this month. “But we cannot escape that conclusion of law,” he said after referring to several high court judgments that dealt with alleged bias or perceived bias in disciplinary or other hearings. return undefined; By one calculation that listing would have seen the individuals who put a collective R4.5 billion into Sharemax own 34.5% of the newly listed company, while its directors would share 43% of the shares free of charge. jQuery(document).ready(function () { He also questioned the independence of the evidence of Brian Smith, the expert witness for Irba in the hearing. The hearing is continuing. }, false); The recusal application follows Griffiths confirming last week that he was a member of the Irba investigating committee between 1995 and 2007, initially as a member but subsequently as chair. It only needed 15 months to get over the 2008 global financial crisis. newTweetLink.innerHTML = ' Tweet'; scrollTop: jQuery(jQuery.attr(this, 'href')).offset().top It emerged during the hearing that Smith was part of Irba’s investigation committee from 2004 until 2016, and chair of the committee from 2011 until 2016. A nullity in law is defined as something which may be treated as if it did not exist or never happened. }); Jacques Pauw wrote an article in 2010 in the afrikaans sundaypaper “Rapport” in which he stated that Sharemax investors might loose all their money. While there were no findings of any wrongdoing against the directors. } Investors would at least have received income until this date. For those who aren't familiar, Liberté is a meteorologist and reporter at KTLA 5. Investors, with the assistance of property companies, could then look at ways to make the property viable, sell it under normal circumstances or raise finance to complete the project. "left": x What can I invest R158k in to receive R5k income monthly? BL PREMIUM . Tulsie's predecessor as Fais ombud, Noluntu Bam, made many similar findings over the years on Sharemax investments, some of which have been heavily contested – at considerable cost. jQuery('html, body').animate({ Sharemax Villa, Aug 2018. In September the vehicle set up to rescue Sharemax, the  Nova Property Group, cancelled plans to convert debentures into shares and list on the JSE. Image: Shutterstock. This is non-refundable and includes a R5 once-off sign-up fee. else { This was not true but the Monday after this article nobody invested further in the Villa project. Well, see this interesting article in today’s “Maroela Media” about this very same Jacques Pauw: imageBtnNext: "https://www.moneyweb.co.za/wp-content/themes/moneyweb-domination/images/bg_direction_nav.png", In a separate complaint, Tulsie said that Henneman-based broker Ernest Lehanie (previously known as Ernest Venter), must repay a client R70,000 he had put into The Villa. Although Erwee was licensed to advise clients about shares, ombud Naresh Tulsie said, he was not qualified to advise on debentures and securitised debt. Sharemax investors, mainly pensioners wanting to finance their retirements, at the meeting addressed by Deon Pienaar at Skuilkrans NG Church … Mike Maritz has raised questions about the independence of the independent regulatory board’s disciplinary committee members. Alarm bells were rung by market-watchers as early as 2003. by Moneyweb March 15, 2017 Financial News. Get the best of our site delivered to your inbox every day. Neither of the brokers responded to the complaints against them. if (oldTweetLink != null && typeof oldTweetLink != "undefined") { } They are collectively facing a total of 340 charges related to limited assurance engagement work they did for Sharemax. What’s driving bitcoin's latest push through $60 000. Roodt said it was the responsibility of the board to look at all alternative options available to prevent The Villa from going into liquidation. This is called inbreeding, from which comes idiot children and more lawyers”. return newTweetLink; if (window.getSelection) { Article continues below advertisement. ShareMAX Storage Systems. capital and such payment was made by Sharemax and complaint did not pay a cent in commission. So what happened to her, anyway? Eddie Johnson to testify. return range.text The story is tragic but not unique in the ongoing cases involving the failed Zambezi property syndication promoted by Sharemax ... Then the "unexpected" happened in … Ask anybody (like my 93-year-old mother), that lost money what they think of this so-called ”a nullity” argument. By continuing to use our website, we assume you are okay with it. I suspect that this case will be going to the high court where justice will hopefully prevail. } if (textParagraph) { }) The essence of this decision is to emphasise that when a party claims that a loss has been suffered as a result of the actions or non-actions of a financial services provider, there must be a direct causal link between the loss and such actions or non-actions … var newTweetLink = document.createElement("a"); Let's take a closer look at why the Los Angeles, Calif., reporter was MIA in early 2021. A yearly subscription is refundable within 14 days of purchase and includes a 365-day membership. We all know what happened after that. The actual or perceived bias of two members of the Independent Regulatory Board for Auditors (Irba) disciplinary committee in the disciplinary hearing against three former auditors of Sharemax has made the case a nullity, argued advocate Mike Maritz. Makes me wonder….. jQuery(document).on('click', 'a[href*="#to-comments"]', function (event) { In an apparent reference to the alleged influence of Sooklal and Griffiths on other members of the disciplinary committee, Maritz said: “The legal position is quite clear that the well has been poisoned.”. We went to meet the central character from Wild Wild Country documentary, Sheela. The Ombud, better known as the Fais Ombud for the Financial Advisory and Intermediary Services Act that established it, ruled that Krugersdorp-based broker Hendrik Lodewyk Erwee must repay a client R200,000 she invested in Sharemax syndication Zambezi Retail Ltd. Respondent GD Irons Construction managing director Geoff Irons said he was not prepared to waive the lien until the debt was settled but was willing not to institute legal action against Capicol now if his company received R100m of the amount owed. e) Respondent denies that, after payments stopped, he failed to inform complainant about what was happening. He accused Sooklal of misrepresenting Wainer’s evidence and of being disrespectful to Wainer by being dismissive, interrupting and arguing with him (verbally) and through his body language, and trying to ridicule Wainer’s evidence. textParagraph.addEventListener("mouseup", function (e) { The cause of the loss was that the entire Sharemax scheme was an unlawful structure – not the undoing of that structure by the Reserve Bank. The Villa is the most famous of Sharemax's failed schemes thanks to the prominent nature of the never-completed shopping centre east of Pretoria that investors were told their money go towards. –> In this Review, we are sharing essential points of TVShareMax device by it you can transform your standard TV into Smart TV without any considerable cost.. Is TVShareMax worth of hype?Let’s find out today, and almost everyone use a smartphone. The repayment rulings against advisors represent some of the precious few victories for Sharemax investors, many of them pensioners who invested all their savings in various syndications. To view all features and options, click here. if (text === "") (Photo: Timothy Rangongo/Business Insider SA) In two new rulings, the Ombud for financial services providers says two brokers must repay investors in Sharemax schemes a total of R270,000. In the early morning hours of December 9, 2001, police arrived at 1810 Cedar St. in Durham, North Carolina, and found the bloodied body of Kathleen Peterson at the foot of the back staircase, per the News and Observer.She had bled out and, despite his claims that she must have accidentally fell, Kathleen's husband, the novelist Michael Peterson, was soon arrested and charged … He stressed the R100m was desperately needed and he wanted payment by the end of this month to enable his company to settle debts with its creditors and subcontractors. The three auditors at the time of the alleged offences were all directors of ACT Audit Solutions Incorporated. https://maroelamedia.co.za/nuus/sa-nuus/jacques-pauw-verlee-jammer-na-voorval-by-va/. What happened to the fund that Sharemax said they set aside to pay Investor returns until completion of the Villa. A monthly subscription is charged pro rata, based on the day of purchase. function getSelectedText() { It's a progressive, little and compact USB gadget. Sharemax collapsed in 2010. Even the findings of the SARB against the directors were retracted in 2012. “All of it becomes a nullity, which is regrettable from our perspective because we say the pro forma [Irba] has no case and it is a huge imposition to our clients and of course it has been a massively costly exercise. 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I suppose Pauw will claim that he did not know that part and that is why he can not enjoy a drink at the completed Villa Mall…. Maritz also attacked the accuracy of serious allegations made in Part A of the charge sheet, stating that during the course of the hearing it had been established that those allegations were false and constituted gross misrepresentations with the potential of severe prejudice to the three audit practitioners. Please consider contributing as little as R20 in appreciation of our quality independent financial journalism. “Why would an independent board acting through its officials and legal representatives or whoever else were responsible for the drafting of this Part A resort to this sort of conduct? Botha said last week that GD Irons did not want to liquidate The Villa but owed subcontractors about R60m and time was running out to save the project. Roy Cokayne has been a financial journalist for 34 years, focusing largely on the automotive, construction and property sectors. The plaintiffs in this matter Shane Alan Symons (First Plaintiff) and Johanna Aletta Symons are the … Sharemax has already received R1,59bn from investors, but only R1,056bn of this money has been paid to Capicol for construction work. oldTweetLink.parentNode.removeChild(oldTweetLink); In the same category one could include the Resilient property funds and, going back in time, Sharemax and Pickvest, the two failed property syndicates that were all the rage some 10 to 15 years ago. Former Sharemax Investments managing director Willie Botha proposed a rescue plan to the board of The Villa in December in an attempt to prevent investors losing hundreds of millions of rand, but it did not receive the board’s unanimous backing. Says it could be an exercise in futility to continue with the matter. The main problem that the directors had was that the inflo of investments stopped immediately after Jacques Pauw wrote the damning article in Rapport. These systems are no longer in production and are no longer supported directly by ProMAX. if (document.selection.createRange) { var range = window.getSelection(); Work worth R1,2bn has already been completed, which means that the contractor GR Irons is owed another R150m. “What he said, what he achieved to demonstrate through that, was that he is an Irba man,” said Maritz, “Are we now as respondents to look at that and think, here we are going to have an objective unbiased independent adjudication of the issues in play in this matter. imageLoading: "https://www.moneyweb.co.za/wp-content/themes/moneyweb-domination/images/spinner_moneyweb.gif", var appendedTweetLink = document.getElementById("article-body-content").appendChild(newTweetLink); The interpretation of the law just amazes me – it is impossible to make anything foolproof because fools are so ingenious? All of them invested on advice of their financial advisors. You only have to be in the financial marketing industry to realise that no investor made direct investments. So to imply that old people invested without any advice and knowledge is not true. All the blame was placed on the directors by the media. Maritz added that with the conclusion they have arrived at “it could be an exercise in futility” to continue with the matter. Capicol chief executive Paul Kyriacou said on Friday Capicol would “never transfer the property” until it was paid and questioned Botha’s rescue plan. What has happened to the R5-billion invested by over 40 000 mostly elderly investors who believed Sharemax's promises of high returns? In a breaking case, the High Court in Durban has ruled in favour of a financial adviser who placed an investment in Sharemax (The Villa). More than a decade ago I found myself almost in a fist-fight with the spokesman for Pickvest in the studio of RSG, the Afrikaans radio station. tweetLink = createTweetLink(getSelectedText(), e); The entire proceedings are tainted by that,” he said. It’s been five years since the South African Reserve Bank stopped the group from taking money from the public. “What is that elephant doing?”. Sharemax Villa, Aug 2018. Irons said in the interests of the company and its subcontractors, his company at some point would have to institute liquidation proceedings if payment was not received. jQuery(this.parentElement).lightBox({ }); ”Lawyers should never marry other lawyers. This may clarify the role the Reserve Bank’s appointed inspectors played during the tumultuous period between 2007 and 2011, when the Reserve Bank found … TVShareMax actually transforms your TV into a home stimulation focus you'll need to spend the whole day at. ShareMax was developed for procurement professionals by procurement professionals who recognized the desperate need for easy and efficient access to supply markets and unlimited communication between buyers and sellers. Botha’s rescue plan proposes raising R100m from current investors, which amounts to a further R12 000 from each of them, to remove the liquidation risk and allow for a deal to be done for the transfer of the property into the investor company. ProMAX previously sold a basic shared storage system under the brand of ShareMAX and ShareMAX 2.0. Smith further admitted that he was chair of this committee when it concluded the investigations into the conduct of the three audit practitioners, reached an opinion on their conduct, and passed this on to Irba’s disciplinary advisory committee with a recommendation. }, 500); Tvsharemax Reviews [Updated 2020] – Is It Worth My Money? Judge says Smollett case to focus on ‘what happened on the street’ night of alleged hate crime hoax The former “Empire” actor’s defense team wants former CPD Supt. We think not, with respect.”. He referred to several of these, such as that the investors in Sharemax were typically pensioners and laypersons. – Business Report. This may clarify the role the Reserve Bank’s appointed inspectors played during the tumultuous period between 2007 and 2011, when the Reserve Bank found … The Villa shopping centre, now also known as The Sharemax Tombstone, was one of Sharemax's biggest group investment schemes. By Roy Cokayne Time of article published Jan 17, 2011. But what happened with the historical Sharemax properties or related properties? Find executives and the latest company news. Question what happened yo all these role players…….Capicol …..GD Irons etc…, Board refuses to back Villa rescue plan var oldTweetLink = document.getElementById("tweetLink"); Like all lawyers his basic strategy is to confuse and obfuscate. Sharemax Investments (Pty) Ltd. company research & investing information. ... Former Sharemax Investments managing director Willie … Join our mailing list to receive top business news every weekday morning. These were supposed to offer huge returns that, in a manner reminiscent of a Ponzi scheme, were sometimes paid before those shopping centres were actually built, apparently drawing from investments made by other people. }); dont they also had auditors checking the books. From here, the easy to follow instructions make connecting simple and once you have connected the device to your WiFi router you can share your mobile screen. auditing is probably the biggest fraud scam ever invented by mankind. "top": y, } Dominique Haese, an executive director of The Villa, said a letter the board wanted to send to investors about the rescue plan stated it was subject to certain procedures, including obtaining agreement from Capicol. The ‘ugliest’ Rolls-Royce in history may be worth a second look, SA economy could take four years to recover from Covid-19, Value-destroying deals and boardroom battles, ‘This is like 1995 in internet terms for the crypto market’, Three former Sharemax auditors, 413 improper conduct charges, Sharemax was not a Ponzi or pyramid scheme – attorney, Surprising twist in former Sharemax auditors’ disciplinary hearing, https://maroelamedia.co.za/nuus/sa-nuus/jacques-pauw-verlee-jammer-na-voorval-by-va/, Financial planning for mixed age marriages, Estate planning: Ensuring that your minor children receive their inheritance, How to make R200k or more per year in crypto arbitrage. Once the HDMI cable is connected you power TVShareMax via USB and an image will appear on the screen. } } Thanks to a little time travel to the year 2014, Gamora plays a key role in Avengers: Endgame despite being killed by Thanos in Avengers: Infinity War.However, her whereabouts at … } You can get more information about how we use cookies in our Subscribe for full access to all our share and unit trust data tools, our award-winning articles, and support quality journalism in the process. Going back to the past: imageBtnPrev: "https://www.moneyweb.co.za/wp-content/themes/moneyweb-domination/images/bg_direction_nav.png", A formal application for a declaratory order on how and when the failed Sharemax investment scheme allegedly contravened the Banks Act will soon be brought before the Pretoria High Court. In 2014 ProMAX Acquired Cache-A Systems, a maker of LTO archive appliances. y = (e.clientY + 5) + 'px'; All three have pleaded not guilty. Many Sharemax investors believed they were buying shares in new shopping centres such as The Villa. Kyriacou said raising R100m might stop The Villa from being liquidated, but investors were not being told the reality, because he estimated it would cost an additional R700m to R800m to get the project back on track after all the delays. “You do not present evidence under the guise of an independent expert who happened to be the investigating committee’s chairman who had already investigated the matter and come to a conclusion. Maritz, who is appearing for Jacques Andre van der Merwe, Danie Dreyer and Petrus Johannes Jacobus Bekker, said this during an application this week for the recusal of Sorenzo Sooklal and Horton Griffiths, two members of the disciplinary committee hearing the case. Sharemax collapsed more than eight years ago, and several investors have died before they could recover their money. jQuery('img[class*="wp-image-"]').bind('click', function () {