Fraud knows no Boundaries

15 Apr

Author Paul Kruger

Publications: InsuranceGateways

Date Published: 15 April 2014

Consumers at the lower end of the market are often more vulnerable when it comes to being defrauded.

The latest Ombud determination provides details of how the Reformed Christians for Truth Church became the victims of an “advisor” (himself a pastor) who was neither registered with the FSB, nor appointed as an agent of the licensed financial service provider he claimed to represent.

The agreement was that he would provide funeral cover for congregants of the church, and that claims would be paid out within 48 hours. The first claim arose in December 2012. When it was not paid by January 2013, the church conducted an investigation and established that “…no funeral cover was in place.”

They referred the matter to the FAIS Ombud. In response to an enquiry from the Ombud, the respondent undertook to settle the outstanding amount before 30 April 2013, but this never happened, and the respondent seems to have disappeared.

The Ombud concluded:

The second respondent’s conduct is not only illegal in terms of the FAIS Act. His conduct is also unlawful in terms of the common law and amounts to fraud. On that basis alone, the second respondent must be held personally liable for the entire amount claimed.

The respondent was ordered to repay the church’s R18 000 within 7 days from date of the determination, and interest hereafter to the date of final payment.

As in the two cases discussed last week, the perpetrator was aware that he needed to be licensed, and that he had to work through a licensed product provider. It appears that he blatantly lied about this. He even used the FSP number of a registered provider despite not being registered as a rep with them.

It is not clear how the church became aware of the office of the Ombud, but at least it managed to get a determination in its favour. What has happened since is anybody’s guess. By January 2014, the outstanding amount had still not yet been paid and the respondent, who undertook to repay the money by the end of April, is missing in action.

There is, of course, no way that the Regulator would have been able to establish or prevent this.

One can only speculate on how many other incidents of this nature occur without the victims having recourse to remedy through ignorance. It is likely that such occurrences are prevalent in this sector of the market. The only long-term remedy appears to be consumer education regarding the safeguards in place to protect them from such scams.

One of the recent amendments to the FAIS Act concerns fit and proper requirements. The following is an extract from a summary written by Alan Holton, a compliance officer and associate of Moonstone:

A new S 6A (Fit and Proper Requirements) has been added to this statute. In terms of S 6A, the registrar must classify financial services providers into different categories and determine fit and proper requirements for each category of providers.

The registrar must then, in each category of providers, determine fit and proper requirements for the key individuals of providers, representatives of providers, key individuals of representatives of providers and compliance officers.

The challenge, of course, does not lie in regulating those in the flock, in a manner of speaking – it is those who opt to operate outside the legal parameters that are most likely to cause harm.

There are currently a number of investment schemes offering above average returns. They do not operate under the radar, advertise brazenly and must be making millions if one looks at their advertising campaigns. Some may well be doing what they promise, but so did major property syndications before market conditions changed.

It seems that the starting point for many of these operators is to set up structures which fall outside the jurisdiction of the regulatory authorities. This appeared to be the case with the Relative Value Arbitrage Fund which camouflaged its business operations in such a way that the FSB was unable to detect anything untoward during an inspection in May 2011. During a further investigation a year later, Herman Pretorius shot his business partner and himself.

There are no easy solutions to the problem of rogue operators. Hopefully, the implementation of Twin Peaks will cast the net wider, and contribute to a safer financial services environment.

Hedge funds: Really bad investments? SA vs global funds

30 Mar

Author:  Jackie Cameron

Publications: Biznews.com

Date Publiched: 30 Maart 2014

After at least a decade of industry-government talks and planning, South Africa is on the brink of introducing hedge fund regulations, effectively making them legally acceptable to promote. That’s welcome news for the financial services industry because it will thrust these funds into the mix of mainstream investment options, broadening their product suite.

But is it a good idea for you to invest in one? Certain levels of protection will be in place to reduce the risk of your money being stolen by the fund manager. And, investment returns are likely to be produced in a way that will make it easier to compare costs and managers’ investment skill, just as you can with registered unit trusts.

However, a new international report suggests that hedge funds aren’t good investments. Local hedge fund managers insist the situation is different in South Africa. They say that hedge funds in South Africa are different beasts.

Hedge fund managers have not been allowed to punt their portfolios to the wider investment community. These funds do not enjoy as many legal rights or have as much investor protection as other collective schemes, like equity, money market and balanced fund unit trusts.

There are about 100 hedge funds in South Africa, with the top 10 holding half of the money and managed by established asset managers. With hedge fund managers estimating they have R46.5bn in assets under management, the sector is small compared to the collective investment scheme industry which has about R1.5 trillion in funds.

The main reason the authorities have dragged their collective heels on hedge funds is that they are complex financial products. They have been seen as best suited to an elite group of investors who can get their heads around sophisticated-sounding investment strategies or people rich enough to cope with losses if the worst happens.

Hedge funds have developed a bad reputation, too, because of people like Herman Pretorius whose Relative Value Arbitrage Fund – billed as a hedge fund, but effectively a Ponzi scheme – went belly-up. In 2012, Pretorius shot his business partner before turning the gun on himself, owing South African investors billions of rands.

Internationally, Bernard Madoff hasn’t done the hedge fund fraternity any favours. Madoff’s Ponzi scheme that knocked investors around the world was sold as a hedge fund.

The latest blow to the reputation of hedge funds comes in the form of a report put out by global asset management firm JP Morgan, which scrutinised hedge fund returns and gave these investments the thumbs-down. If you are wondering how complicated hedge funds can be, this report will give you just a small taste of the challenges of getting a clear picture of the hedge fund landscape.

In the meantime, here’s a summary of the JP Morgan report courtesy of the Financial Times of London: the “polite conclusion” is that hedge funds stopped being exceptional in 2003. “Less politely, returns to the hedge fund industry have been rubbish ever since money rushed into it, just as economic logic would suggest.”

The FT.com’s recent editorial points out that the sales pitch “continues to be human ingenuity, but what investors have received is expensive mediocrity”. These funds charge billions of dollars every year for “sub-par” returns.

You would think that publicity like this would bother hedge fund providers around the world, particularly in South Africa where fund managers have been lobbying for many years to come out of the shadows. A report like JP Morgan’s would surely threaten to spoil the launch parties that have been planned for later this year when hedge fund legislation is expected to finally be passed.

Domestic hedge fund professionals aren’t particularly fussed, though. Francois Cilliers, chief investment officer at funds-of-hedge-funds manager Novare, says the JP Morgan report is just one of several with a similar line. “I concur broadly that hedge fund returns internationally have been tepid. However, the South African situation really is different,” he says.

Cillers says South African hedge funds have been tested in bear markets. Based on his insights into what is going on in them, they have been “substantially more resilient relative to their international counterparts”.

He notes that it is important to look at “risk-adjusted return”. South African hedge funds have been promoted mostly to pension funds, which are looking for fairly conservative returns to balance investment risks, he says.

Instead of having mostly “high octane” versions, as you might expect in a developing market, South Africa’s hedge funds are designed for more conservative risk profiles, says Cilliers. “There are a variety of strategies, but the domestic mindset is generally to cater for more cautious investors,” he adds.

Robert Foster, convenor of the Association for Savings and Investment South Africa standing committee on hedge funds, agrees that fees can be high and there is frequent trading in hedge fund portfolios, which erodes returns. But, he says: “Fees need to be seen in the context of the value add by the manager when compared to the reduction in market risk achieved.”

Foster argues that the focus should be on the investment benchmarks fund managers set themselves, as performance fees can be charged on overly easy targets. Fund managers generally take a performance fee for outperforming cash plus a hurdle rate and charge an annual management fee of about 1% of assets, says Foster.

For now, there isn’t consistency in reporting performance, so it is impossible to give a definitive answer on whether hedge funds in South Africa are better value than their international cousins. Foster says this will change when the regulations are finally published, making South Africa the first country in the world with legislation specially designed with hedge fund investors’ best interests at heart.

He is optimistic that this could be as soon as June. There will be two categories of funds – Qualified Investor Funds and Retail Investor Funds. Along with new fund offerings, we can no doubt expect a proliferation of advisers offering to do the work of choosing from a wide array of hedge fund investment strategies for us.

See Biznews.com

 

Britse hof oor Pretorius se geld genader

16 Mar

Author: Marelize Barnard

Publications:  Die Burger

Date Publiched: 16 Maart 2014

KAAPSTAD. – Likwidateurs wat wyle Herman Pretorius se R2,2 miljard-bedrogspul ondersoek, gaan in die Britse howe aansoek doen om toegang tot sy bankbesonderhede daar te kry.

Dié stap is nodig om uit te vind waarheen onder meer R177 miljoen verdwyn het wat Pretorius vermoedelik in die buiteland versteek het.

Dié bedrag geld is in ’n Switserse bankrekening gedeponeer, maar wat Pretorius daarmee gemaak het, bly ’n raaisel.

Die eerste stap vir die likwidateurs is om ’n hofbevel te verkry wat toegang sal verseker tot ’n bankrekening wat Pretorius by die Britse HSBC-bank gehad het.

Volgens die jongste verslag wat die likwidateurs van Pretorius se gesekwestreerde besigheidsentiteite aan beleggers uitgestuur het, het HSBC tot nou toe geweier om die inligting bekend te maak sonder ’n hofbevel.

Met die hofbevel kan die trustees vasstel hoeveel geld in Pretorius se verskeie oorsese bankrekenings is, maar selfs belangriker nog sal die ondersoek kan voortgaan na watter rekening Pretorius geld verskuif het.

Intussen is ’n regsverteenwoordiger ook in Switserland aangestel om inligting te bekom oor Pretorius se bankrekeninge by Anker-bank in Zürich.

Pretorius het ’n maatskappy genaamd MAT Worldwide Beperk op 4 Januarie 2001 in die Britse Maagde-eilande geregis­treer en dit tot September 2009 – aldus die likwidateurs wat sy sake ondersoek – waarskynlik as ’n “front” gebruik as dié oorsese besigheid waarin hy plaaslike beleggers se geld bestuur het.

Maar ten spyte daarvan dat miljoene ponde deur die jare in MAT Worldwide se rekeninge inbetaal is, is daar blykbaar slegs £450 000 (R7,9 miljoen) van die R177 miljoen in die een bankrekening oor. Dit is luidens die likwidateurs se verslag.

) In ’n prokureursbrief deur Duvenage en De Villiers, van Wellington, wat einde 2012 aan HSBC gestuur is, word genoem dat “lede van Pretorius se familie, werknemers of persone wat lojaal aan hom was”, die dag ná Pretorius se afsterwe twee briewetasse uit sy kantore verwyder het. HSBC Bank is daarop bedag gemaak dat die briewetasse moontlik toegangskodes tot Pretorius se buitelandse bankrekeninge gehad het en dat banktransaksies wat ná sy dood op 26 Julie 2012 gedoen is, waarskynlik onwettig is.

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Vrou gedwing om inligting te openbaar

24 Jan

Author: Marelize Barnard

Publications:  Die Burger

Date Publiched: 24 Januarie 2014

KAAPSTAD. – Regstappe gaan teen Susan-Ann Pretorius, weduwee van die piramide-swendelaar Herman Pretorius, gedoen word om haar “te dwing” om inligting oor haar persoonlike rykdom te verskaf.

Dié stap gaan volg nadat Susan-Ann tot nou toe “geweier het” om met die kurators van Pretorius se Relative Value Arbi­trage Fund (RVAF) Trust en die Seca Trust saam te werk.

Pierre du Toit van Mostert en Bosman, regsverteenwoordiger van die kurators, het gister by navraag bevestig dat die volgende stap is om Susan-Ann “met regstappe te dwing om saam te werk”.

Intussen is Susan-Ann se aansoek om verlof tot appèl teen ’n vroeëre uitspraak waarin sy finaal gesekwestreer is van die hand gewys.

’n Aansoek om Susan-Ann te sekwestreer, is verlede jaar deur die trustees van Pretorius se RVAF- en Seca Trusts ingedien. Die trustees het aangevoer dat sy gebaat het by meer as R17 miljoen se betalings uit die rekenings van dié trusts.

Susan-Ann was deurgaans die geregistreerde eienaar van ’n huis in Welgemoed waarvoor daar binne twee jaar R13,3 miljoen aan bouers en binneversierders betaal is.

Sy het ’n aansoek om verlof tot appèl ingedien teen die uitspraak van waarnemende regter Wilhelm van Staden wat die finale sekwestrasiebevel toegestaan het.

Dit het beteken dat Susan-Ann se spoghuis nie opgeveil kon word tot die regsproses van haar aansoek om verlof tot appèl afgehandel is nie.

Die kurators het intussen steeds die reg gehad om Susan-Ann te ondervra.

Van Staden het gister uiteengesit waarom hy Susan-Ann se aansoek om verlof tot appèl van die hand gewys het.

Hy het daarop gewys dat Susan-Ann aangevoer het dat die bevel van voorlopige sekwestrasie nié aan haar werknemers of die Suid-Afrikaanse Inkomstediens bedien is nie. Rekords wys egter duidelik dat dit wel gedoen is.

Oor ’n tweede bewering deur Susan-Ann dat die hof gefouteer het deur nié ’n polis van R8 miljoen in ag te neem as deel van haar boedel nie, het Van Staden gesê sy kon versoek het om dié kwessie in ’n beëdigde verklaring te behandel (eerder as om dit in haar aansoek om verlof tot appèl te gebruik).

Dié geld is uitbetaal aan ’n familietrust van die Pretorius-familie, bekend as die Penta Trust, en kon volgens ’n beëdigde verklaring van haar prokureur nie bygereken word as ’n bate by Susan-Ann Pretorius se gesekwestreerde boedel nie.

Adv. John Suttner SC, vir Susan-Ann, het Saterdag in die Wes-Kaapse hooggeregshof aangevoer dat sy nié insolvent is nie en dat sy die begunstigde is van die R8 miljoen-polis.

Sy het aangevoer dat sy, saam met ander bates soos haar huis in Welgemoed, genoegsame bates het om die eis van R17 miljoen teen haar te betaal.

Adv. Chris Eloff SC, bygestaan deur adv. Almero de Villiers, het namens die kurators opgetree.

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Herman Pretorius’s widow loses sequestration battle

24 Jan

Author: Julius Cobbett

Publications: MoneyWeb

Date Published: 24 January 2014

Leave to appeal sequestration order is denied.

JOHANNESBURG – The widow of Ponzi mastermind Herman Pretorius has lost another battle in the bid to stop her own sequestration. Last week Susan Pretorius applied for leave to appeal a final sequestration order granted against her estate. The order was handed down by acting Judge Wilhelm van Staden last year.

On Thursday January 23 Van Staden dismissed Susan Pretorius’s application for leave to appeal. Van Staden concluded that an appeal had no reasonable prospect of success.

The application to sequestrate Susan Pretorius’s estate was brought by the trustees of the RVAF and Seca trusts, entities that received money from Pretorius’s investors.

Herman Pretorius’s scheme collapsed in July last year. Faced with investor withdrawals he couldn’t meet, Pretorius shot his former business partner Julian Williams before turning the gun on himself. The investment scheme received an estimated R2.2bn from about 3000 investors.

Last week Susan Pretorius denied that she was insolvent. She claimed the court had erred in holding that she was not the beneficiary of a life insurance policy worth R8m. However, Van Staden said that Pretorius had an opportunity to present further evidence on or before the return day.

Van Staden ordered that the costs of the application for leave to appeal, including the costs of two counsel, be costs in Susan Pretorius’s sequestration.

The curators of Herman Pretorius’s RVAF are still struggling to trace investor money, including funds that were moved to UK and Switzerland.

Continue Reading MoneyWeb

Pretorius-weduwee verlof tot appèl geweier

23 Jan

Author: Marelize Barnard

Publications:  Die Burger

Date Publiched: 23 Januarie 2014

KAAPSTAD. – Susan-Ann Pretorius – weduwee van Herman Pretorius wat R2,2 miljard se beleggingsgeld laat “verdwyn”het -  se aansoek om verlof tot appèl teen ’n vroeëre uitspraak waarin sy finaal gesekwestreer is, is geweier.

Waarnemende regter Wilhelm van Staden het sy besluit uiteengesit waarom hy Susan-Ann se aansoek geweier het. Hy het onder meer gesê Susan-Ann kon voor haar aansoek Saterdag, in ‘n beëdigde verklaring die kwessie van ‘n R8 miljoen-polis uitgeklaar het.

Susan-Ann se regsverteenwoordiger, Adv. John Suttner SC, het Saterdag in die Wes-Kaapse hooggeregshof aangevoer sy is nié insolvent nie en dat sy die begunstigde is van ‘n polis wat na Pretorius se dood R8 miljoen uitbetaal het.  Sy het aangevoer dat, saam met ander bates soos haar huis in Welgemoed, sy genoegsame bates het om ’n eis van R17 miljoen teen haar te betaal.

Adv. Chris Eloff SC, bygestaan deur adv. Almero de Villiers, het namens die kurators van twee gesekwestreerde trusts van Pretorius, opgetree om Susan-Ann te laat sekwestreer.

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Bates Wys ek is nie insolvent

20 Jan

Author: Marelize Barnard

Publications:  Die Burger

Date Publiched: 20 Januarie 2014

 

Hof hoor sy het ondermeer £100 00 in ‘n Britse rekening, plus polisgeld.

 

Die trustees ban Pretorius se Relative Arbitrage Fund (RVAF) se Seca Trust het verlede jaar aansoek gedoen om Susan-Ann te sekwestreer. Die Trustees het aangevoer Susan-Ann meer as R17 miljoen terugbetaal aan die trusts omdat dit die beleggers se geld is wat R2,2 miljard in Pretorius se bedrogspul verloor het.

 

KAAPSTAD. – Susan-Ann Pretorius, weduwee van die swendelaar Herman Pretorius, se sy “het geld”.
Susan-Ann se van haar bates is ‘n bewys sy is nie insolvent nie. Dit sluit in £100 000 in ‘n Britse bankrekening, R8miljoen polis-geld wat na Pretorius se dood uitbetaal is, nog R400 000 in ‘n ander rekening asook haar huis van miljoene rande.
Sy het Saterdag om verlof tot appel aansoek gedoen teen ‘n vroeere uitspraak waarin sy flinaal gesekwestreer is. Sy voer aan sy het wel genoeg bates om ‘n eis van R17miljoen teen haai te kan betaal.
Adv. John Suttner SC, vir Susan-Ann, het gevra dat ‘n opmerking van haar prokureur – en wat in hofstukke ingedien is R8miljoen polisgeld nie ‘n persoonlike bate van haar is nie, nou deur die hof geignoreer moet word.
Hierop het waarnemende regter Wilhelm van Staden (wat diefinale sekwestrasiebevel toegestaan en Saterdag se aansoek om verlof tot appel daarteen aangehoor het) gevra hoe kan hy die kwessie ignoreer dat Susan-Ann se prokureur aangevoer het die R8 miljoen is nie haar eiendom nie.
“Se u nou dat die polisgeld nie in ‘n trust is waarvan sy die begunstigde is nie?” het Van Staden gevra.
Hierop het Suttner geantwoord hy se niks … en die R8 miljoen is nie die kwessie nie – daar is nog geldkwessies wat genoem moet word.
Suttner het hierna voortgegaan en gese Susan-Ann het ook £100 000 in n Britse bankrekening. Die ponde is “Rl,8 miljoen werd, miskien Rl,9 miljoen en dalk die volgende dag R2miljoen”. Dan is daar nog R463 000 in ‘n ander bankrekening.

Maar die groot probleem wat Susan-Ann het, is dat ‘n waardeerder wat haar spoghuis in Welgemoed waardeer het vir die doeleindes van die aansoek van sekwestrasie teen haar, dit bloot op sigwaarde gedoen en die waarde daarvan op R6,75 miljoen geraam het.
Suttner het gese die waardeerder het nie toegang tot die huis gehad nie en ook nie R13 miljoen se verbeterings aan die huis in ag geneem nie. Adv. Chris Eloff SC het namens die kurators aangevoer dit is verstommend dat Susan-Ann nou wil he dat die brief van haar prokureur oor die R8 miljoen-polisgeld geignoreer moet word – so sy se “daar is hierdie beedigde verklaring van my prokureur, maar ignoreer dit”.
Oor die waarde van Susan-Ann se huis het Eloff gevra waarom sy nie self aan die hof kom se wat die waarde daarvan is nie – “dalk is dit nou R20miljoen werd, maar Susan-Ann doen niks daarom trent nie”.
Van Staden het voorlopig uitspraak voorbehou en gese hy sal dit vandeesweek lewer.

 

 

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Hy was slimste skelm, sê dominee

18 Jan

Author: Marelize Barnard

Publications:  Die Burger

Date Publiched: 18 Januarie 2014

KAAPSTAD. – Die optrede van die weduwee van Herman Pretorius “kos beleggers baie geld”.

Só meen ’n afgetrede Wes-Kaapse predikant wat saam met sy vrou R2 miljoen by wyle Pretorius belê het.

Hy het gevra dat sy naam nie gepubliseer word nie, en het gesê hy het “ ’n lang pad met Pretorius saamgekom”, maar nooit besef dat daar fout met sy (Pretorius se) beleggingsfondse is nie.

Dié oudpredikant en sy vrou het al hul spaargeld by Pretorius belê.

Pretorius se weduwee, Susan-Ann Pretorius, wat op 21 Oktober verlede jaar finaal gesekwestreer is, gaan vandag dié sekwestrasiebevel in die Wes-Kaapse hooggeregshof betwis.

Maar vir die predikant-belegger is dit slegte nuus dat Susan-Ann nie met die kurators van Pretorius se Relative Value Arbitrage Fund (RVAF) en Seca Trust saamwerk nie.

“Die hofsake kos baie geld, wat in werklikheid aan beleggers behoort,” het hy gesê. “Dit voel vir ons of die derde hond met die been gaan wegstap.”

Hy beskryf Pretorius as die “slimste skelm” wat nog geleef het.

“In die kontakte wat ons met Herman gehad het, het ons nooit ’n sprankie van twyfel ondervind nie, nooit probleme vermoed nie, nooit wantroue gekoester nie . . . Ons het hom ervaar as ’n gewone boermens soos onsself.”

Die oudpredikant was aktief deel van ’n forum vir beleggers wat ná Pretorius se dood gevorm is om hul beleggings te probeer terugkry.

Maar nou gaan hy en sy vrou vir eers net aan met leef. “ ’n Mens raak maar daaraan gewoond, en aanvaar dat jy nie meer die geld het nie.”

Hy glo egter dat daar nog geld vir die beleggers uit die boedel sal kom, maar is bekommerd dat die proses “so lank uitrek”.

In ’n stadium het hy die e-pos-adresse van 300 beleggers gehad wat oor-en-weer by mekaar raad gevra het oor wat om te doen.

“Die beleggers is van Bloemfontein, Pretoria, Doebai, Australië, die Swartland, Overberg . . .  tot by Riversdal.”

En oor die geskinder dat mense uit gierigheid by Pretorius belê het, het die emeritus-predikant gesê: “As daar mense is wat glo dit was as gevolg van gierigheid dat ons by Herman belê het, is hulle welkom – dis hul goeie reg om te dink en glo wat hulle wil. Ek het met ’n paar beleggers kontak gehad wat op die punt was om af te tree of reeds afgetree het en wat moes aanhou werk, of weer begin werk.”

 

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Weduwee veg môre om weeldehuis te hou

17 Jan

Author: Marelize Barnard

Publications:  Die Burger

Date Publiched: 17 Januarie 2014

 KAAPSTAD. – Die weduwee van die piramide-beleggingsmous Herman Pretorius klou verbete aan haar weelderige eiendom in Welgemoed, Bellville, vas.

Susan-Ann Pretorius, wat op 21 Oktober verlede jaar finaal in die Wes-Kaapse hooggeregshof gesekwestreer is, betwis nou dié hofbevel.

In ’n ongewone stap ingevolge die toegewysde datums vir aansoeke en verhore in die Wes-Kaapse hooggeregshof sal Susan-Ann môre – op ’n Saterdag – die geleentheid kry om haar saak te stel. Dit is ’n datum waarop al die regslui beskikbaar sal wees.

Sy het ’n aansoek om verlof tot appèl ingedien teen die uitspraak van waarnemende regter Wilhelm van Staden wat die finale sekwestrasiebevel toegestaan het.

Susan-Ann se spoghuis in Welgemoed – met al die deftige ontwerpersmeubels daarin – kan intussen nie opgeveil of verkoop word nie, hoewel Van Staden in Oktober die finale sekwestrasiebevel toegestaan het.

Susan-Ann gaan, luidens haar kennisgewing vir die aansoek om verlof tot appèl, aanvoer dat Van Staden die verkeerde besluit geneem het deur te bevind dat sy insolvent is.

Sy meen die regter het verkeerdelik bevind dat sy nié die begunstigde is van ’n lewenspolis van R8 miljoen wat in Herman Pretorius se naam uitgeneem was nie. Volgens Susan-Ann sal sy ’n “surplus” van bates hê indien dié geld bygereken word, wat dus beteken dat sy nie insolvent is nie.

Die aansoek om Susan-Ann te sekwestreer, is verlede jaar deur die trustees van Pretorius se Relative Value Arbitrage Fund (RVAF) en Seca Trust ingedien. Die trustees het aangevoer dat sy gebaat het by meer as R17 miljoen se betalings uit die rekenings van dié trusts.

Susan-Ann was te alle tye die geregistreerde eienaar van die eiendom in Van de Graaffstraat in Welgemoed. Vir dié eiendom is daar binne twee jaar R13,3 miljoen aan bouers en binneversierders betaal.

’n Lys van altesaam 115 aankope vir die binneversiering van die huis in Welgemoed is vantevore as deel van die aansoek om sekwestrasie by die hooggeregshof ingedien.

Dit sluit in ’n sitkamerbank van R59 353, nóg een van R33 375 en ’n koffietafel van R17 800 vir een van die sitkamers van haar drieverdiepinghuis.

Nog ’n sitkamerbank vir die Pretorius-gesin se gesinskamer het R48 600 gekos. Twee eetkamertafels, een van R35 283 (vir ’n eetkamer) en ’n ander van R45 157 (vir ’n braaikamer), is ook op die lys van aankope.

Die trustees van Pretorius se RVAF en Seca Trust het in hul aansoek om sekwestrasie van Susan-Ann suksesvol aangevoer dat sy geen gronde gehad het om te beweer dat haar oorlede man se beleggingskema wettig was nie. Dus is sy nie geregtig op die geld wat sy van Pretorius gekry het nie.

Van die duurste artikels in dié huis in Welgemoed:

Sitkamerbank: R59 353

Koffietafel: R17 800

Eetkamertafel: R45 15 7

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Professional Indemnity: Still No Clarity

13 Jan

Author:  Unknown

Publications: Fsb pi insurance

Date Publiched: 13 January 2014

 The fsb says that in earlyLabuschagne failed to render financial services
fairly, with due skill, care and diligence, and in the interests of his clients
and the financial services industry. While the written exam accounts for the
majority of your cet score, your GD and PI scores make between 14 and 15.
Consider the fidelity policy The insured in the fiduciary policy should cover
the fund, trustees, committee members and the principal officer. Risk,
hopefully, will have other resources to pay the compensation – that is, if he
loses his appeal against the determinations. The situation reached a level of
absurdity recently when the fsb, in effect, claimed that it could not be blamed
for not taking action earlier against the Relative Value Arbitrage. Ensure that
the rules of your fund have indemnity provisions 5). The workgroup realized that
it was not possible to eliminate or fully protect the fund against fraud. The
expenses you incur for professional development could be tax deductible. Billion
because the fund, managed by the late Herman Pretorius, did not fall under the
fsb. This includes monies stolen or any direct financial loss suffered by the
insured as a result of fraud or dishonesty by an officer of the fund. Consider
the cost of the cover and remember cheaper is not always better. So right now
the onus is on you to demand details of the PI cover your adviser has,
particularly to cover any potential compensation payable to you. On, the joint
industry workgroup circulated their recommendations on both the scope and extent
of cover in respect of delegated administration arrangements.

See also: http://rvafmediareleases.wordpress.com/2012/10/21/winners-and-losers-in-indemnity-case/

Read Original: http://bywug.org/fsb-pi-insurance.html

2013 in review

12 Jan

The WordPress.com stats helper monkeys prepared a 2013 annual report for this blog.

Here’s an excerpt:

A New York City subway train holds 1,200 people. This blog was viewed about 4,800 times in 2013. If it were a NYC subway train, it would take about 4 trips to carry that many people.

Click here to see the complete report.

‘Kommissie’ teruggeëis

11 Dec

Author: Marelize Barnard

Publications:  Die Burger

Date Publiched: 11 December 2013

            Net R469 000 was ‘egte wins’

             KAAPSTAD. – Herman Pretorius het R1 miljoen aan ’n makelaar geleen met slegs ’n handdruk om dié transaksie te beklink.
Boonop het Pretorius later R250 000 van dié R1 miljoen-lening aan die makelaar, Michal Calitz, gegee – ’n geskenk wat hy met nog ’n handdruk as afgehandel beskou het.En volgens ’n transkripsie van getuienis wat in ’n sekwestrasie-ondervraging deur Calitz gelewer is, het Pretorius gesê: “Ek sê vir jou ek het soveel geld gemaak . . . ek betaal vir jou ’n miljoen rand oor . . . dan kan jy dit weer vergoed vir my later (sic).”Dié inligting is vervat in ’n beëdigde verklaring van Lambertus von Wielligh Bester, een van die kurators van Pretorius se Rela­tive Value Arbitrage Fund.

Bester se verklaring is deel van ’n aansoek wat gister in die Wes-Kaapse hooggeregshof teen Calitz ingedien is om miljoene rande “kommissie” wat Pretorius aan hom betaal het, te verhaal.

Luidens die transkripsie van Calitz se ondervraging deur die kurators het hy Pretorius só beskryf: “Herman was een van daai mense . . . en agterna kom ons dit agter . . . wat hand geskud het en niks was op papier nie . . .”

Bester het in sy verklaring aangevoer dat Pretorius se Ponzi-skema ongetwyfeld een van die grootste skelmstreke van sy soort tot nog toe in Suid-Afrika was.

Die ondersoeke wat tot nou deur die kurators en ouditeurs gedoen is, het gewys dat die meeste van die beleggers boere of plattelandse inwoners is.

Bester het gesê Calitz se regsverteenwoordiger het bevestig dat beleggers verskeie klagtes teen Calitz en Impact Finansiële Konsultante by die Ombudsman van Finansiële Diensverskaffers ingedien het. Die Finansiële Diensteraad ondersoek ook Calitz en ander makelaars.

Bester voer aan dat Pretorius, ten einde te verseker dat makelaars “geesdriftig” bly en daar ’n gereelde kapitaalstroom van beleggers inkom, “kommissies of winsdeling” van tussen 5% en 7,5% van die beleggingsbedrae aan hulle betaal het. Makelaars het hul wins ontvang die oomblik wat beleggers se geld inbetaal is.

Ekstra “administratiewe fooie” is ook aan makelaars betaal.

Terwyl beleggers meer as R2,2 miljard aan Pretorius toevertrou en hy deurentyd “opbrengste” van tussen 14% en 25% per jaar op die beleggings verseker het, het die hele beleggingskema oor al die jare nie meer as R469 000 egte wins gemaak nie.

Daar word nou van Calitz en Impact Finansiële Konsultante (’n beslote korporasie waarin Calitz ’n 80%-aandeel het) verskeie bedrae aan “kommissiegelde” teruggeëis. Dit wissel van R489 000 tot R2,45 miljoen en R3,6 miljoen.

Die aansoek is tot 6 Mei uitgestel.

Lees Artikel in Die Burger

Makelaar vandag in hof gepak

10 Dec

Author: Marelize Barnard

Publications:  Die Burger

Date Publiched: 10 December 2013

KAAPSTAD. – ’n Makelaar wat beleggers na Herman Pretorius se beleggingskema verwys het, word vandag in die Wes-Kaapse hooggeregshof gepak oor die terugbetaling van miljoene rande se kommissie.Een van die kurators van Pretorius se Relative Value Arbitrage Fund (RVAF), Lambertus von Wielligh Bester, dien vandag ’n aansoek by die Wes-Kaapse hooggeregshof in teen Michal Calitz om kommisie terug te betaal.

Bester het by navraag gesê die regstap teen Calitz is die “eerste van vele” om kommissie te probeer verhaal van die makelaars wat beleggers na Pretorius se skema verwys het.

’n Ondersoek na die kommissie wat aan makelaars betaal is, is “die aspek waaraan ouditeure nou aandag gee”, het Bester gesê. “Die makelaars word nou een vir een nagegaan.

Calitz se prokureur, Jean Kotze (van Laäs en Scholtz Prokureurs), het gesê Calitz gaan vandag die aansoek in die hooggeregshof teenstaan.

“Calitz staan dit teen en ontken aanspreeklikheid vir die bedrag geld wat van hom geëis word.”

Volgens Kotze is Calitz, soos die duisende beleggers wat by Pretorius belê het, “ook deur Pretorius bedrieg” en het hy nie geweet waarmee Pretorius besig was nie.

Calitz is vroeër vanjaar deur die likwidateurs van Pretorius se RVAF Trust ondervra as deel van hul likwidasie-ondersoek.

Die Burger het vantevore berig ’n verslag is daarna deur die likwidateurs by die meester van die hooggeregshof ingedien waarin gesê is dat Calitz ’n kommissie van meer as R15 miljoen ontvang het.

Calitz het hierop beswaar teen die likwidateurs se verslag by die meester van die Wes-Kaapse hooggeregshof ingedien en aangevoer dat die bedrag aansienlik minder is.

R8,44 miljoen

Die likwidateurs het geantwoord dat dit nie die bedoeling van die verslag was nie, en het dit op rekord gestel dat Calitz in sy ondervraging te kenne gegee het dat hy ’n bedrag van sowat R8,44 miljoen van Pretorius ontvang het.

Dié bedrag sluit enige moontlike betalings uit wat verband hou met beleggings in entiteite soos SA Superalloys, Lehumo en Wesizwe.

Dit is nog onduidelik hoeveel die likwidateurs van Calitz eis omdat die aansoek hieroor volgens die hofrol eers vandag deur ’n regter aangehoor sal word.

Lees Artikel in Die Burger

FAIS Supervision Annual Report

5 Dec

Author: Unknown

Publications: InsuranceGateways

Date Published: 05 December 2013

The FAIS Supervision Department of the FSB supervises financial services providers (FSPs) in terms of a risk-based approach. In response to the changing face of the regulatory landscape, international trends and outcomes of previous years’ on-site visits, the department introduced a new Medium to High risk category to define the risk of non-compliance more accurately.
A total of 10 297 FSPs were categorised. Interestingly, the number “only” decreased by 493, but a closer look at the table below shows a marked decline in the number of small FSPs from 6 839 to 3 362 – a loss of 3477, or nearly 51%. The table below reflects the categorisation of FSPs in terms of the new risk-based supervision approach as at 31 March 2013. The categorisation was changed with the introduction of a Medium-High Impact (MHI) category. During the period under review, the emphasis was placed on off-site monitoring of High Impact and MHI FSPs.

2012/2013

2011/2012

High Impact

283

262

Medium-High Impact (MHI)

973

0

Medium Impact

3 411

2 331

Small-Medium Impact (SMI)

2 268

1 358

Small FSPs

3 362

6 839

Total

10 297

10 790

Risk Assessment Visits to FSPs
A total of 643 FSPs received visits. Of these, 490, or 76.2% occurred at the medium to high impact categories.
The report states that the overall compliance of FSPs was satisfactory, and a definite improvement was noticeable during the period under review. The overall understanding of key individuals and representatives with regard to compliance was far better, which can mainly be attributed to the knowledge gained in their preparation for the regulatory examinations. The following issues of concern were noted:

Description

Percentage occurrence %

Sections 4 and 5 of the General Code of Conduct (GCOC): Disclosure of documentation is non-compliant

35.40

License conditions: Business information is not updated within 15 days of change taking place

26.55

Good business practices are not followed

20.06

None-compliance with part VIII of the Determination of Fit and Proper Requirements: FSPs not having a business continuity plan in place

16.81

Sections 11 and 12 of the GCOC: FSPs of which the Risk Management Plan is inadequate

16.22

No register/records kept of training undergone by key individuals and representatives

14.75

Section 7 of the GCOC: Disclosure made to client in terms of the product and services are inadequate

14.16

Non-compliance with part IX of the Determination of Fit and Proper Requirements: FSPs not complying with the financial soundness requirements

14.16

Section 3A of the GCOC: FSPs that have not adopted, maintained and implemented a conflict of interest management policy

9.44

Corporate governance measures are inadequate

8.85

Compliance Practice Visits
During the period under review, the Supervision Department reviewed 33 independent compliance practices. The majority of the compliance practices provided acceptable compliance services to clients.
However, there were some areas that needed improvement, which were identified and addressed with the respective practices. During the review of the risk-based framework, a process of recording of information on compliance practices was developed and is being introduced. It is envisaged that this will enable supervisors to focus proactively on specific concerns relating to external compliance officers.
Specific On-site Visits The Registrar of FSPs ordered an inspection into the affairs of Mr Herman Pretorius, RVAF and Polus Capital (Pty) Ltd. During the inspection, the RVAF scheme collapsed and it was established that 16 authorised FSPs were involved in soliciting clients on behalf of the late Mr Pretorius. On-site visits to probe their participation in assisting clients to place investments in the RVAF and other schemes offered by the late Mr Pretorius were conducted. At the end of the period under review, these investigations were still continuing.
Communication with FSPs
The FAIS Supervision Department implemented a comprehensive communication strategy during the period under review, including newsletters, information circulars, workshops, conferences and telematics broadcasts. Guest speakers at the conference and workshops included speakers from other FSB departments, as well as industry experts.
A joint exercise between FAIS Supervision and FAIS Registration was focused on the funeral industry. A large number of workshops were held to assist this part of the industry to understand the registration (licensing) requirements, as well as the ongoing requirements for maintaining a license. During these workshops, FSPs were specifically assisted to complete compliance reports and financial statements.
Specialisation Areas As part of the Department’s risk-based approach, supervisory staff members are involved in specialisation areas. Seven focus groups, including ones for unconventional FSPs (foreign FSPs, forex investment providers, retailers, motor dealers, estate agents and auditors), banking, medical schemes and compliance officers were tasked with providing guidance in these specific specialisation areas. Research into industry practices and thematic work, as well as focused on-site visits, was conducted. Issues that came to the fore led to the compilation of information circulars on bulk client transfers and the re-signing of client mandates, cash management system accounts, fee disclosure and material irregularity reporting by compliance officers.

Continue reading this article

Makelaars in skema ondersoek

27 Nov

Author: Marelize Barnard

Publications:  Die Burger

Date Publiched: 29 November 2013

KAAPSTAD. – Finansiële raadgewers wat “minstens R100 miljoen” kommissie gemaak het uit beleggers in Herman Pretorius se piramideskema, word ondersoek.Die Finansiële Beplanningsinstituut (FPI) het heelparty klagtes ontvang en doen dissiplinêre ondersoeke na dié makelaars, wat by die instituut geregistreer is.Adv. Jacqui Grovè, hoof van regsdienste van die FPI, het gister gesê die ondersoek gaan voort.

“Ons het al redelik inligting bekom, maar aangesien die tipe oortredings as baie ernstig beskou word, wil ons seker maak ons maak behoorlik werk van die klagtes en ondersoeke,” het Grovè gesê.

Ingevolge die FPI se dissiplinêre regulasies sal die uitslag van verhore oor die makelaars gepubliseer word.

Die FPI kan egter geen inligting bekend maak alvorens die proses afgehandel is nie.

Grovè het gesê die FPI het heelparty klagtes ontvang, maar het die meerderheid van die klaers na die ombudsman verwys, aangesien die FPI se jurisdiksie om klagtes te ondersoek, beperk is tot FPI-lede.

Luidens die jongste verslag van die kuratore van Pretorius se Relative Value Arbitrage Fund (RVAF) is minstens R100 miljoen as kommissie aan makelaars betaal.

Die kurators, Rynette Pieters en Bessie Bester, het in hul verslag gesê verskeie mense is reeds gedagvaar vir ondervraging.

Die kurators volg inligting oor die mense en instansies op waarheen beleggers se geld “gevloei” het en elke transaksie word ondersoek in ’n poging om geld vir die beleggers te herwin.

Een van die kurators se eerste doelwitte is om geld wat in oorsese rekeninge is, na Suid-Afrika terug te bring. Bankstate word ook nagegaan om die geld wat uit dié oorsese rekeninge uitbetaal is, na te spoor.

Pieters het gesê sover die kurators weet, “word al die geld by finansiële instellings in Engeland bewaar”.

Daar word ook ’n prokureur in Switserland aangestel wat sal probeer om die state van bankrekenings in dié land te bekom.

Die kurators het in Oktober by die Wes-Kaapse hooggeregshof aansoek gedoen om die sperdatum vir ’n eerste likwidasierekening uit te stel. Dié rekening moes op 30 Oktober gelewer word.

Pretorius het nie behoorlik boekgehou van die RVAF en ander beleggingsrekeninge se transaksies nie. Dit blyk dat Pretorius bloot die een beleggingsentiteit gesluit en dan ’n volgende begin het.

Hy het geld van die een na die ander oorgeplaas en dan voortgegaan om nuwe beleggers te lok.

Lees Artikel in Die Burger

Pretorius ponzi probe bubbles on

4 Nov

Author: Julius Cobbett

Publications: The Citizen

Date Publiched: 4 November 2013

Brokers who sold the investment products of the late Herman Pretorius were paid commission of “at least” R100m, the most recent letter from the curators of his failed investment scheme, the Relative Value Arbitrage Fund (RVAF), says.

It has been more than a year since Pretorius shot first his former business partner and then himself. The incident confirmed what some had already suspected: Pretorius had been running a massive Ponzi scheme. It has been estimated that the scheme took nearly R2.2bn from 3 000 investors.

The Financial Services Board (FSB) and the Financial Planning Institute (FPI) have launched investigations into brokers who peddled the scheme. But there has been no disciplinary action announced as yet.

Likewise the financial advice ombudsman Noluntu Bam has yet to issue a determination connected with a Herman Pretorius investment.

Earlier this year the RVAF identified Michal Calitz as one of the more prominent brokers. Calitz, who was a close friend of Herman Pretorius, received more than R15m from the scheme. Calitz is still a representative of Impact Financial Consultants CC, which is an FSB-authorised financial service provider and is listed as an FPI member.

The FPI says it is finalising charges against members in relation to the RVAF, but it will pronounce on the matter only once a December disciplinary hearing has been held.

The FPI’s Disciplinary Regulations require publication of the outcomes of disciplinary hearings, but after finalisation only, it says.

The FSB says its own investigation into the Pretorius matter is not finalised; the “FAIS supervision department is still in a process of engaging with the identified financial services providers and other interested parties”.

The RVAF’s curators are trying to trace investor money that was moved by Pretorius to the UK and Switzerland.

Continue reading this article

The pitfalls of DIY investing

1 Nov

Author: Hannes Smuts

Publications: PSG Konsult

Date Published: 1 November 2013

This is a warning. Yet, regular readers need not fear: this is not an alarm bell sounding the dangers of another investment scheme promising unrealistic returns. For most, the name Herman Pretorius should ring a bell. Obviously that threat remains ever present, but there is a much more subtle trend that needs to be recognized. We call it DIY investing. Let me explain:

Hardly a day goes by that people with funds to invest are not bombarded by advertisements and other communication prompting them to manage their investments themselves. The nature and content of these ads might differ, but the message is the same: you do not need the input of an investment professional to invest on the stock market or to guide you towards a sensible investment plan tailor made for your unique situation.

Does the following sound familiar? Cut out “the middleman” and become a stock market entrepreneur (more likely millionaire) – we will give you 3 share tips to start your millionaire portfolio. Such exhortations appear continuously on television, in the printed media and via electronic communication.  Interwoven into these campaigns is the emphasis on the relative ease with which one’s affairs can be conducted online.

On the face of it DIY investing has become child’s play. The perception is created that most people can manage their own investment affairs without incurring the “extra costs” of a professional investment advisor. The message reverberates: professional advice has become too expensive and redundant. Do your investments, including purchases of unit trusts, online! Oh yes, and if you want to save even more money, skip the asset manager (and his unnecessary fees) as well by going for a really “cost effective” index tracker.

It is to be applauded that technological advances during the last decade have opened up new avenues for making informed investment decisions. However, it is the way this is being portrayed, combined with the inherent lurking risks, which need to be addressed.

We have identified mainly two dangers. The first is that DIY investment encourages short term thinking. The second is that it almost certainly does not address the risks created by investor behaviour.

Markets that generate positive returns, especially during a long upswing, are known as bull markets. Statistics have shown that bull and bear markets lead to irrational investor behaviour.

Think back to the bull run in the residential property market between 1995 and 2006. For a decade, returns were not only around “20% p.a”., but also a dead cert. The natural consequence was that everyone and anyone that could, started trading in property and made money. When finances were discussed around the braai fires reassuring remarks abounded such as: property prices don’t drop – they might move sideways, but never down!

Investors conveniently ignore the past which would have taught them that property is as cyclical an asset class as other growth assets. The rest is history: the property market contracted by as much as 30% to 40% in a year and many speculators were left stranded. It took years for the residential property market to show signs of recovery and guess what: most “investors” now believe it’s a bad investment.

What has this sad story got to do with cheap and convenient DIY investing?

Generating good, inflation beating investment returns in South Africa (and even abroad) has been fairly easy for the last 10 years. The reality is that these returns were driven by a rampant bull run on the JSE. Therefore one cannot really blame those who have ventured into DIY investing and for spreading the word about their successes.

Reality is that most investors who have been in the markets during the last 10 years have yet to experience the pain and frustration of a bear market. Unless they have a good understanding of the risks involved, and in particular the interaction between risk and reward, they will be well advised to use professional investment advice.

But you do not have to take only our word for it. In a recent article on 21st Century Megatrends, well known future-scenario planning expert, Clem Sunter, suggests that retirees will still need “an astute financial adviser”, otherwise, as he puts it, it becomes a race between poverty and death.  This remark should not be limited to retirees.

Note: This article does not constitute formal advice. Past performance is not indicative of future returns. Always remember the prudent way is to consult your stockbroker before investing.

Hannes Smuts is a senior portfolio manager at PSG Hermanus Portfolio Management & Stockbroking.

Herman Pretorius brokers got at least R100m

31 Oct

Author: Julius Cobbett

Publications: MoneyWeb

Date Published: 31 October 2013

Financial Planning Institute says it is finalising charges against members.

JOHANNESBURG – Brokers who sold the investment products of the late Herman Pretorius were paid commission of “at least” R100m. This is according to the most recent letter from the curators of his failed investment scheme, the Relative Value Arbitrage Fund (RVAF). A copy of the letter can be downloaded here.

It has been more than a year since Pretorius shot first his former business partner and then himself. The incident confirmed what some had already suspected: Pretorius had been running a massive Ponzi scheme. It has been estimated that the scheme took roughly R2.2bn from 3000 investors.

Both the Financial Services Board (FSB) and the Financial Planning Institute (FPI) have launched investigations into brokers who peddled the scheme. But there has been no disciplinary action announced as yet. Likewise the financial advice ombudsman Noluntu Bam has yet to issue a determination connected with a Herman Pretorius investment.

Earlier this year the RVAF identified Michal Calitz as one of the more prominent brokers. Calitz, who was a close friend of Herman Pretorius, received more than R15m from the scheme.

Calitz is still a representative of Impact Financial Consultants CC, which is an FSB-authorised financial service provider.

Calitz is also listed on the FPI’s website as a valid member.

The FPI tells Moneyweb that it is finalising charges against members in relation to the RVAF. It says it will only pronounce on the matter once a disciplinary hearing has been held. The hearing is expected to be held in December, the exact date yet to be confirmed.

“In terms of the FPI’s Disciplinary Regulations the outcomes of disciplinary hearings will be published – however, this is done once the matter is finalised and the period for an appeal has expired,” it says.

Similarly the FSB says its own investigation into the Herman Pretorius matter is not finalised yet as the “FAIS supervision department is still in a process of engaging with the identified financial services providers and other interested parties”.

The RVAF’s curators are trying to trace investor money that was moved by Pretorius to the UK and Switzerland. The curators have appointed attorneys in both those countries to assist them trace the funds.

Continue Reading MoneyWeb

Polis mag nie skuld delg van weduwee

23 Oct

Author: Marelize Barnard

Publications:  Die Burger

Date Publiched: 23 Oktober 2013

Welgemoed

Welgemoed

KAAPSTAD. – ’n Lewenspolis van R8 miljoen wat aan ’n familietrust van wyle Herman Pretorius uitbetaal is, kan nié deur kurators gebruik word om sy weduwee, Susan-Ann, se skuld te delg nie.

Dié geld is uitbetaal aan ’n familietrust van die Pretorius-familie, bekend as die Penta Trust, en kan nie bygereken word as ’n bate by Susan-Ann Pretorius se gesekwestreerde boedel nie.

Die kurators van Herman Pretorius se Relative Value Arbitrage Fund (RVAF) Trust en die Seca Trust se aansoek in die Wes-Kaapse hooggeregshof om Susan-Ann Pretorius te sekwestreer, het wel geslaag, maar hulle kan nie aan die R8 miljoen raak nie.

Waarnemende regter Wilhelm van Staden, wat Maandag ’n aansoek om die finale sekwestrasie van Susan-Ann Pretorius in die Wes-Kaapse hooggeregshof toegestaan het, het gister die redes vir sy bevel gegee en gesê haar skuld beloop meer as R17 miljoen.

Die waarde van haar huis in Van de Graaffstraat, Welgemoed, die enigste merkbare bate in haar boedel, is op R6,75 miljoen geskat.

Van Staden het in sy bevel uitgewys dat Susan-Ann Pretorius nie die begunstigde van die lewenspolis is nie.

Haar regsverteenwoordiger, Etienne Naude, het dit in ’n beëdigde verklaring bevestig.

Pierre du Toit van Mostert en Bosman, regsverteenwoordiger van die kurators, het gesê selfs al doen Susan-Ann Pretorius nou aansoek om teen die sekwestrasiebevel te appelleer, word ’n kurator steeds aangestel om haar boedel te ondersoek.

 

Lees Artikel in Die Burger

Pretorius-eiendomme opgeveil

22 Oct

Author: Marelize Barnard

Publications:  Die Burger

Susan nn


Een van twee lyste van betalings wat in hofdokumente ingesluit is in die aansoek om sekwestrasie van Susan-Ann Pretorius. Dié bedrae is uit die Seca Trust betaal.
Die huis in Welgemoed wat in Susan-Ann Pretorius se naam geregistreer is, moet nou verkoop word nadat sy finaal in die Wes-Kaapse hooggeregshof gesekwestreer is. Foto: yunus mohamed

KAAPSTAD. – Die glaspaleis in Welgemoed wat die piramide-beleggingsmous Herman Pretorius met tjeks van miljoene rande vir sy vrou, Susan-Ann, gebou het, gaan opgeveil word.

Susan-Ann Pretorius is gister finaal in die Wes-Kaapse hooggeregshof gesekwestreer.

Dit beteken dat die huis in Welgemoed, al die flambojante meubels, asook van haar ander eiendom, verkoop gaan word.

Waarnemende regter Wilhelm van Staden het beveel dat die aansoek om ’n finale sekwestrasiebevel toegestaan word. Hy het aangedui dat hy vandag die redes vir die bevel sal gee.

Die aansoek is deur Susan-Ann Pretorius teengestaan.

Die eerste applikant in die aansoek, die likwidateur Lambertus von Wielligh Bester, het gesê al die eiendom wat in Susan-Ann Pretorius se boedel is, sal nou verkoop word sodat skuldeisers betaal kan word.

Luidens hofdokumente wat in die aansoek om voorlopige sekwestrasie ingedien is, het Bester aangevoer dat Susan-Ann Pretorius geen gronde het om aan te voer dat haar oorlede man se beleggingskema wettig was nie. Dus is sy nie geregtig op die geld wat sy van Pretorius gekry het nie.

Susan-Ann Pretorius was te alle tye die geregistreerde eienaar van die eiendom in Van de Graaffstraat in Welgemoed. Vir dié eiendom is daar binne twee jaar R13,3 miljoen betaal aan bouers en binneversierders.

Altesaam 11 bedrae wat aan Bos & Punt-bouers betaal is vir bouwerk aan die eiendom in Welgemoed wissel van R34 200 tot R1,6 miljoen elk.

’n Lys van altesaam 115 aankope vir die binneversiering van die Welgemoed-huis is ook in die aansoek by die hooggeregshof ingedien.

Twee lyste van betalings wat uit Pretorius se Seca Trust aan Susan-Ann Pretorius gemaak is, wys dat daar van 6 Mei 2004 tot 25 Julie 2012 minstens 26 keer geld oorbetaal is. Die bedrae wissel van R100 000 tot R300 000.

Op 21 Januarie 2008 en weer op 21 Maart dieselfde jaar is bedrae van R300 000 elk uit die Seca Trust aan “SAP (SA Pretorius) betaal”.

Verder is daar uit Pretorius se Relative Value Arbitrage Fund (RVAF) Trust R4,18 miljoen ten gunste van Susan-Ann Pretorius betaal, luidens die hofdokumente.

Herman Pretorius, wat R2,2 miljard van beleggers ingevorder het in ’n belegging-piramideskema, het op 26 Julie verlede jaar ’n voormalige sakevennoot, Julian Williams, in die middestad van Kaapstad doodgeskiet en daarna selfmoord gepleeg.

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Oh my hat, do I really need a financial advisor?

17 Oct

Author: Sasha Planting

Publications: MoneyWeb

Date Published: 17 October 2013

Is it not enough to google like crazy and learn that way?

CAPE TOWN: For a long time I had a deep distrust of any kind of financial advisor, associating them with several ill-advised and costly investments made back in my twenties and thirties.

So I did my own research, invested in a retirement scheme without the benefit of a broker; started a savings plan and began building a small portfolio of shares which I manage myself.

I was pleased with myself. Then this year our friendly taxman lobbed a R25 000 tax penalty at me. Suddenly I had a different view on advisors and scrambled for a tax consultant. Needless to say he was worth every cent. I was even able to get the better part of the penalty back – to my advisor’s surprise, I might add.

So then I wondered, if I could mess up my simple tax that badly, perhaps I could mess up my financial planning too. Hmmm. Do we really need financial advisors? Is it not enough to google like crazy and learn that way? I wasn’t sure any more. And assuming I did need an advisor, how on earth would I find someone independent and trustworthy? Because now I’m starting to think that finding a good financial advisor might be more important than finding a good husband.

So I chatted to some advisors for their views. Rita Cool is a financial consultant with Alexander Forbes; Gavin Gehlig is co-founder of CGN Wealth and Warren Ingram is co-founder of Galileo Capital who has coincidentally written a book entitled ‘Become Your Own Financial Advisor’. All are certified financial planners.

Of course asking a financial consultant if one really needs a financial advisor is like Little Red Riding Hood asking the wolf if he is hungry. But let’s face it, when the wolf answered yes, he was telling the truth.

So it was not surprising that all three advisors agreed that most people – note, not all – would be financially better off had the enlisted the services of an advisor early on in life. They also agree that the internet is a useful resource, specifically when you are looking for targeted information.

What the internet lacks is the ability to take all the information and compile it into a holistic plan. “Advisors add value by helping you get from where you are now to where you want to be – financially that is,” says Cool. “They help you quantify and qualify your goals and will devise a personal, step-by-step plan to get there. They are also aware of things the ordinary person may not be – changes in regulation or which product is more or less suitable in different circumstances. So many people become paralysed by the amount of information available that good intentions remain just that.”

Even financial advisors have their own financial advisors Ingram says. “It is difficult to be knowledgeable about all aspects of your finances. For instance, I pay someone to do my tax and update my will even though I am in the industry.”

So how on earth do you find an advisor? Everyone says ‘by word of mouth’, but it doesn’t help if your friends don’t have someone either. It also doesn’t help if their trusted advisor turns out to be less than kosher, as investors in Herman Pretorius’s Real Value Arbitrage Fund discovered.

As a general rule it is advisable to seek out advisors with a professional qualification. This means they need to be a CFP® professional and you can find a list of them in your area from the Financial Planning Institute’s website www.fpi.co.za. Another general rule is to focus on advisors who work for independent companies rather than those who work for a product provider or a bank.

Of course their advice comes at a price. I used to struggle with this idea because in my experience product advice was ‘free’. But when I noticed that commissions (paid to the agent who sold the product) were eating up my returns I learned that ‘free’ also has a price.

“A great financial planner can make an enormous difference to your life while a bad advisor can set you back very badly,” says Ingram. “So you should choose your advisor very carefully and not necessarily focus on the cheapest.” Would you choose the cheapest bridge-building engineer or the cheapest doctor, or would you pay for the best you could afford? “I think the same applies to your money.”

Most advisors still earn an income from product commissions. “This is fine,” says Cool, “but clients should always be informed of the commission component charged on a product.” She notes that the commission-based structure is slowly changing towards a fee structure where a client pays a set fee for a specific service.

Some planners work on an hourly rate which varies from R700 all the way up to R2500, depending on complexity. Others prefer to charge a flat rate for the plan itself. “This way the potential client is aware of the cost upfront. I would charge R3000 (vat inclusive) for a retirement and estate plan which could include creating or updating a client’s last will and testament,” Gehlig says.

Younger clients when starting out won’t be earning a fortune and will still be in the build up phase of their lives and probably change jobs a few times prior to settling and finding their niche. “As a planner your services for a client earning R10 000 per month would be different to a client earning R100 000 per month but each client deserves to be treated identically,” he says.

It’s a good idea to check if there is a fee for the initial advice consultation.  In many offices there is no fee for an initial consultation and fees are only charged if and when a product is set up.

That is a good enough reason to just give it a try.

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Staat het skelm skemas in sy visier

27 Sep

Author: Alet Rademeyer

Publications:  Die Burger

Date Publiched: 27 September 2013

PRETORIA. – “Moenie koebaai sê vir jou geld nie.”

Met dié nasionale veldtog wil die Suid-Afrikaanse Reserwebank 11 miljoen Suid-Afrikaners bereik en bewus maak van onwettige piramide- of ponzi-skemas.

Hlengani Mathebula, hoof van groepstrategie en kommunikasie by die Reserwebank, het gister hier op ’n nuuskonferensie gesê duisende Suid-Afrikaners word slagoffers van onwettige skemas wat hul geld vat en vinnige rykdom belowe.

Mense moet baie versigtiger wees en hul huiswerk behoorlik doen voordat hulle geld in enige skema belê…….

• Die publiek kan verdagte skemas by 0800 313 626 aanmeld en ook hier uitvind of instellings geregistreer is.

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Ponzi scheme alert: How to know when it really is too good to be true

27 Sep

Author: Dawie de Villiers, CEO, Sanlam Employee Benefits

Publications:  Sanlam

Date Publiched: 27 September 2013

The extended economic downturn and interest rates hovering around the 5 or 6% mark make investment returns all too elusive right now. With many South Africans, in particular retirees, struggling to make ends meet, it is fertile ground for fraudulent investment schemes – known popularly as Ponzi schemes – to flourish.

The SA Reserve Bank recently launched a national campaign to increase awareness of pyramid or Ponzi schemes. The campaign encourages people to be careful when looking at potential investment opportunities.

South Africans seem to repeatedly entrust their hard-earned savings to operations which, at best, have short-term track records and, at worst, knowingly sell promises that they are unable to deliver on. Investors buy into these promises without fully understanding how these operators achieve their alleged returns.

Over the past six years the following schemes – which have had traumatic consequences for unsuspecting investors – come to mind: Fidentia, Leaderguard, Sharemax, King Group, the Herman Pretorius saga, and Defencex. There is a golden thread running through this list; each one promised a return far superior to that of the financial market, at a very low risk. In hindsight, such promises were too good to be true. But why do we continue to move from one such scandal to the next?

Spotting a Ponzi or pyramid scheme is actually relatively easy – here is a checklist ………

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Sharemax director warns against Fais Ombud complaints

24 Sep

Author: Julius Cobbett

Publications: MoneyWeb

Date Published: 24 September 2013

Dominique Haese claims investors might lose their right to investment returns.

JOHANNESBURG – Investors in Nova Group Investments have been cautioned against pursuing complaints with Fais Ombud Noluntu Bam. Investors have been warned that if they pursue their complaints, they may forfeit their rights to investment returns or repayments from the Nova Group

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Pretorius-weduwee voorlopig gesekwestreer

17 Sep

Author: Marelize Barnard

Publications:  Die Burger

Date Publiched: 17 September 2013

KAAPSTAD. – Susan-Ann Pretorius, weduwee van die piramide-beleggingsmous Herman Pretorius, is voorlopig gesekwestreer.

Regter André Blignaut het gister die bevel van voorlopige sekwestrasie uitgevaardig nadat Susan-Ann Pretorius ’n aansoek om sekwestrasie in die Wes-Kaapse hooggeregshof teengestaan het.

Blignaut het bevind Susan-Ann Pretorius was, ondanks ’n “magdom dokumentasie” wat haar met betalings in haar guns verbind, nie bereid “om selfs een” te erken nie. “Terselfdertyd ontken sy ook nie dat sy dit (die betalings) ontvang het nie.”

Die regter het gesê hy stem saam met die regspan van die kurators van wyle Herman Pretorius se Relative Value Arbitrage Fund (RVAF) en die Seca Trust dat Susan-Ann Pretorius “ontwykend” is.

’n Forensiese ondersoek het getoon dat R17,7 miljoen regstreeks aan of namens haar betaal is.

Sy was die geregistreerde eienaar van ’n eiendom, Van de Graaffstraat 26 in Welgemoed, waarvoor daar tussen 23 Februarie 2005 en 16 Januarie 2007 R13,3 miljoen betaal is aan bouers en binnehuisversierders.

Die eerste applikant teen haar, die likwidateur Lambertus von Wielligh Bester, het aangevoer ’n eis van R107 miljoen teen haar is geregverdig omdat sy haar plig as ’n trustee van die Seca Trust versuim het. Bester voer aan ongeveer R130 miljoen van beleggers se geld is deur Pretorius uit die RVAF-bankrekening na die Seca Trust oorgeplaas.

Verder is daar uit die RVAF Trust R4,18 miljoen ten gunste van Susan-Ann Pretorius betaal. Hiervan is R900 000 in haar verbandrekening betaal. Op 31 Mei 2011 is ’n bedrag van R350 000 in haar Nedbank-rekening gestort.

Blignaut het in sy beslissing uitgewys hoewel elke betaling ondersteun is deur dokumentasie wat Susan-Ann Pretorius met die RVAF en Seca Trusts verbind, haar verweer was dat die applikante nie bewyse daarvan gelewer het nie.

Volgens Blignaut is daar wel bewyse dat die betalings van die onderskeie trusts aan of namens Susan-Ann Pretorius gemaak is.

“Daar is ook rede om te glo dat haar sekwestrasie tot voordeel van haar krediteure sal wees,” het Blignaut in sy uitspraak gesê.

Die aansoek is tot 14 Oktober uitgestel as deel van die proses van ’n bevel vir finale sekwestrasie.

 

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This year’s hottest home

9 Sep

Author: Biénne Huisman

Publications:  City Press

Date Publiched: 9 September 2013

Architects and designers toast house of the year

South Africa’s house of the year boasts braais on two levels, a pizza oven next to a swimming pool and sweeping views of Cape Town.

A five-bedroom mansion on the slopes of Table Mountain beat 10 other finalists to clinch top honours in a national luxury-housing competition this week.

The country’s top address in Cape Town’s Higgovale is home to structural engineer Craig Sutherland, his wife, Colleen, their teenagers, Keegan, Adrienne and Casey, and their two dogs, Stitch and Mia.

“The stoep is my favourite. It’s lovely in summer with views up to the sea,” said Colleen.

“I have loads of entertainment options, which is just great,” added Craig.

The country’s foremost architects and home designers toasted the pair’s home at a function in Cape Town on Wednesday.

The winning property was voted for by readers of House and Leisure magazine, with about 20 000 votes cast in an online poll.

Commenting on the winning house, editor Naomi Larkin said: “It is a proper family home and yet it is extremely sophisticated.”

The Sutherlands bought the property 11 years ago and had major renovations done last year.

The air at the party was thick with intrigue as one of the competition’s top contenders was the Hermanus beach house built by Herman Pretorius, the alleged pyramid scheme fraudster who shot himself and a business partner in Cape Town last June.

The controversial sea-facing Voëlklip villa was featured on the cover of House and Leisure’s “luxury issue” in August 2012, which apparently went to print before Pretorius died.

It was alleged in court papers that the sprawling three-bedroom house was built with investors’ money.

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Wenner lê knus teen die berg

8 Sep

Author: Biénne Huisman

Publications:  Rapport

Date Publiched: 20 Augustus 2013

Suid-Afrika se huis van die jaar lê knus teen die hang van Tafelberg in die rykmansbuurt Higgovale.

Hier woon die ingenieur Craig Sutherland, sy vrou, Colleen, hul tieners Keegan, Adrienne en ­Ca­sey, en die twee honde, Stitch en Mia.

Daar is ’n braaiplek op twee vlakke, ’n pizza-oond reg langs die swembad en ’n asemrowende uitsig oor Kaapstad.

Die luukse vyfslaapkamer-woning het die afgelope week tien finaliste geklop in ’n nasionale kompetisie waarin lesers van die tydskrif Home and Lei­sure aanlyn kon stem vir hul guns­teling.

Sowat 20 000 mense het aan die kompetisie deelgeneem.

Volgens Colleen is die stoep haar spesiale plek. “Dit is heerlik om in die somer daar tyd deur te bring terwyl jy oor die see uitkyk.” Vir Craig is al die onthaalkeuses ’n groot pluspunt.

Naomi Larkin, redakteur van Home and Leisure, sê hoewel dit ’n regte gesinswoning is, is dit baie gesofistikeerd.

Die Sutherland-gesin het die huis 11 jaar gelede gekoop en verlede jaar verbou.

Van die ander huise wat ook om dié gesogte titel meegeding het, was die Hermanus-strandhuis wat deur Herman Pretorius gebou is. Hy is van ’n piramide-skema aangekla en het hom en sy vennoot in Junie verlede jaar om die lewe gebring.

Dié huis met sy see-aansig in Voëlklip het volgens die argitek Stefan Antoni “’n gevoel van vrede, baie ruimte en is gevul met sonlig”.

Die eiendom het verlede jaar die Suid-Afrikaanse Instituut vir Argitekte se toekenning vir uitnemendheid gewen. Dit is in April vir R16,5 miljoen op ’n veiling verkoop.

Die binnenshuise versierder Astrid van der Heim se huis in Killarney, die argitekte Xavier en Carine Huyberechts se huis in Houghton en Kobus Nieuwoudt s’n in Nature’s Valley was ook onder die finaliste.

Verslag oor Pretorius bevraagteken

24 Aug

MARELIZE BARNARD

Saterdag 24 Augustus 2013

KAAPSTAD. – Waarom word niks gesê van die groot beleggers in wyle Herman Pretorius se “beleggingsfondse” en al die geld wat aan hulle uitbetaal is nie?
Dié vraag is deur Michael Calitz, voorheen ’n makelaar vir Pretorius, aan die likwidateurs van Pretorius se Relative Value Arbitrage Fund (RVAF) gevra.
Calitz het ’n beswaar teen die likwidateurs se verslag wat op 13 Junie uitgereik is by die meester van die Wes-Kaapse hooggeregshof ingedien.

Lees Verder

‘Kom, sê iets, mev. Pretorius’

22 Aug

MARELIZE BARNARD
Donderdag 22 Augustus 2013
KAAPSTAD. – “Kom, mev. Pretorius, praat . . . sê iets.”
Dít was gister die beroep wat in die Wes-Kaapse hooggeregshof gedoen is op Susan-Ann Pretorius, vrou van wyle Herman Pretorius wat R2,2 miljard van beleggers ingevorder het in ’n vermeende piramideskema voordat hy verlede jaar selfmoord gepleeg het.

Lees Verder

Pretorius moet sê oor interdik

21 Aug

Author: Marelize Barnard

Publications:  Die Burger

Date Publiched: 21 Augustus 2013

KAAPSTAD. – Het Herman Pretorius se weduwee geweet dat ’n interdik verontagsaam word toe miljoene rande se aandele ná haar man se dood verkwansel is om haar eie regskostes te betaal?

Dit is die vraag wat Susan-Ann Pretorius moet beantwoord wanneer sy vandag ’n sekwestrasie-aansoek teen haar in die Wes-Kaapse hooggeregshof beveg. Haar regspan kan dalk lig werp oor die bewering dat ’n groot getal Wesizwe-aandele verkoop is ten spyte daarvan dat dit strydig kon wees met ’n hofbevel.

Lambertus von Wielligh Bester van Progressive Administration, ’n mede-kurator van Pretorius se beleggingstrust (Relative Value Arbitrage Fund), voer in ’n beëdigde verklaring aan dat aandele verkoop is nadat ’n interdik op 9 Oktober verlede jaar verkry is wat Susan-Ann verhinder om enige bates te vervreem.

Maar Susan-Ann voer in haar beëdigde verklaring aan dat die opbrengste uit die verkoop ………

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Telematic Broadcasts Keeping you Updated

21 Aug

Author: Paul Kruger

Publications: Moonstone

Date Published: 20 August 2013

In the aftermath of the Herman Pretorius matter, and the latest warning from the FSB concerning an institution who offers a 25% return per month, it sounds like a good presentation to attend, and to ask some questions. ………

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Als donasies, sê weduwee

20 Aug
Welgemoed

Welgemoed

Author: Marelize Barnard

Publications:  Die Burger

Date Publiched: 20 Augustus 2013

KAAPSTAD. – Die weduwee van die piramide-beleggingsmous Herman Pretorius gaan môre aan die hof verduidelik waarom sy nie gesekwestreer moet word nie.

Susan-Ann Pretorius beveg ’n sekwestrasie-aansoek teen haar en voer aan sy was bloot ’n huisvrou wat “donasies” ontvang het van haar “eertydse suksesvolle sakeman-eggenoot”.

Lambertus von Wielligh Bester, likwidateur wat die sekwestrasie-aansoek teen Susan-Ann in die Wes-Kaapse hooggeregshof bring, meen egter sy het nie enige bewyse gelewer dat Pretorius ’n suksesvolle sakeman was nie.

“My oorlede man het voor 2004 suksesvolle besighede gehad wat ons, byvoorbeeld, daartoe in staat ………

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Liquidation of a Herman Pretorius Company Sees Claremont Property Sold on Auction

28 Jul

Author: Property Wheel

Publications: Property Wheel

Date Published: 27 July 2013

A luxurious Claremont apartment which formed part of the assets of a company in liquidation and of which the late Herman Pretorius, known for his involvement in various hedge fund investment schemes was a Director, was confirmed as sold by the ClareMart Auction Group for an inclusive R3.3million on Friday, July 19. The auction took place on-site auction on Wednesday, July 10.

“Our Group received joint instruction from the liquidators of RZT Zelpy 4005 (Pty) LTD to proceed to auction with this premier southern suburb apartment together with all of its luxurious and décor appointed contents and our Group is pleased to have been able to once again assist a high profile liquidation linked to Pretorius” says Chief Executive Officer, Jonathan Russell Smiedt.

The on-site auction held at 12 noon on Wednesday was attended by approximately fifty members of the public. “Although we are experiencing a high number of members of the public attending and registering at our auctions in general, we were certain that this particular property would achieve a similar interest to our successful and well-attended auction of Pretorius’ …..

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Moneyweb shines at Sanlam Awards

18 Jul

Author: Julius Cobbett

Publications: MoneyWeb

Date Published: 18 July 2013

Clark and Rees honoured with three category awards.

Two Moneyweb journalists scooped three category awards at the prestigious Sanlam Awards for Excellence in Financial Journalism. Moneyweb founder Alec Hogg also received a Lifetime Achievement Award.

Moneyweb’s financial services correspondent Jeanette Clark won in the categories of Personal Finance and Infrastructure Development.

Malcolm Rees was honoured in the category for the Economy and Industry for his in-depth reporting on developments in the unsecured lending market. He was the co-winner with Business Report veteran Ann Crotty.

Julius Cobbett was also a finalist in the category for Personal Finance for his reporting on the Herman Pretorius saga.

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Brief: Is dit hoe jy jou integriteit verkoop?

16 Jul

Author: Lesersbrief

Publications:  Die Burger

Date Publiched: 16 Julie 2013

Ek het ook deur ’n makelaar aandele by Herman Pretorius gekoop. Herman het sekere beloftes in die teenwoordigheid van die makelaar gemaak. Toe dit nie realiseer nie, kontak ek die makelaar, wat my meedeel dat ek nou op my eie is. Noudat ek lees van die R15 000 000-kommissie, maak baie dinge sin. Dat ’n mens nou jou integriteit vir geld kan verkoop!

Izak

Eendekuil

 

Lees Die Burger

Brief: Laat ook gierige makelaars opdok

16 Jul

Author:  Lesersbrief

Publications:  Die Burger

Date Publiched: 16 Julie 2013

Ek is reeds 33 jaar ’n onafhanklike makelaar en was ook ’n slagoffer van Herman Pretorius in 1992. Hy het briefhoofde van my maatskappy gebruik om Eskom-effekte mee te handel sonder enige toestemming.

Ek was nie verbaas dat makelaars op ’n handskud miljoene van hul kliënte se geld belê het nie. Die FSB het klagtes ontvang, maar steeds is met Pretorius se skema voortgegaan. My vraag is of die betrokke makelaars nie probeer het om ondersoek in te stel waarvandaan die buitensporige kommissie/winsdeling kom nie! Dié wat gely en baie geld verloor het as gevolg van gierigheid, verdien die pak.

Hoekom word die makelaars nie aangetree om terug te betaal aan beleggers wat hulle geskep het nie?

Makelaar

Bellville

 

Lees Die Burger

Pretorius deel glo wins met makelaar

12 Jul

Author: Marelize Barnard

Publications:  Die Burger

Date Publiched: 12 Julie 2013

KAAPSTAD. – Een van die mees vooraanstaande makelaars wat groot beleggers na wyle Herman Pretorius se beleggingskema gelok het, is met winsdeling daarvoor vergoed.

Dié miljoene rande wat Pretorius gebruik het om makelaars te betaal, word genoem in ’n verslag deur die gesamentlike trustees van Pretorius se Relative Arbitrage Fund en Seca Trusts nadat insolvensie-ondervragings gedoen is.

Die makelaar Michael Calitz, wat verskeie beleggers se geld by Pretorius belê het, het ’n deel van die wins ontvang wanneer hy beleggings van meer as R15 miljoen ………

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Another Herman Pretorius Company Liquidation Sees Claremont Property on Auction

30 Jun

Posted by PropertyWheel On June 29, 2013

A luxury Claremont apartment which forms part of the assets of a company in liquidation and of which the late Herman Pretorius , known for his involvement in various hedge fund investment schemes was a Director, will be presented for public auction on-site by the ClareMart Auction Group on Wednesday, July 10. “Our Group received joint instruction from the liquidators of RZT Zelpy 4005 (Pty) LTD to proceed to auction with this premier southern suburb apartment and we are certain that this auction will achieve similar interest as our successful sale of Pretorius’ sea front home at Voelklip. The Claremont apartment will be sold together with all of its luxurious and décor appointed contents” says Executive Director, Andrew Koch.

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Apartment linked to Herman Pretorius on auction

25 Jun

Author: Julius Cobbett

Publications: MoneyWeb

Date Published: 25 June 2013

Movables included in the sale are a patio couch set, a Bosch dishwasher and an LG Exresscool fridge.

A luxury Claremont apartment which forms part of the assets of a company in liquidation and of which the late Herman Pretorius was a director, will be presented for public auction on-site by the ClareMart Auction Group on Wednesday, July 10.

“Our Group received joint instruction from the liquidators of RZT Zelpy 4005 (Pty) LTD  to proceed to auction with this premier southern suburb apartment and we are certain that this auction will achieve similar interest as our successful sale of Pretorius’ sea front home at Voelklip. The Claremont apartment will be sold together with all of its luxurious and décor appointed contents” says Executive Director, Andrew Koch.

Pretorius was known for his involvement in ……..

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Nóg ’n Pretorius-eiendom opgeveil

25 Jun

Author: Marelize Barnard

Publications:  Die Burger

Date Publiched: 25 June 2013

KAAPSTAD. – Nóg een van die spoghuise wat wyle Herman Pretorius teen miljoene rande aangeskaf het, gaan opgeveil word.

Dié keer is dit die beginnershuis wat Pretorius vir R4,9 miljoen in Oranjezicht vir een van sy seuns gekoop het.

Die eiendom is deel van ’n woonkompleks wat deur die afslaer Aucor beskryf word as ’n dubbelverdieping-eenheid in ’n “luukse sekuriteitskompleks” met ’n “uitstekende uitsig” op Tafelberg.

Die eiendom word Donderdag om 11:00 opgeveil.

Die kantoorkompleks in die Tyger Waterfront waaruit ………

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Unit trust manager received R15m from Herman Pretorius

20 Jun

Author: Julius Cobbett

Publications: MoneyWeb

Date Published: 20 June 2013

Financial advisers connected to RVAF Ponzi testify in insolvency inquiry.

JOHANNESBURG – An insolvency inquiry has revealed that one-time unit trust manager Michal Calitz received more than R15m from Herman Pretorius.

Calitz was one of Pretorius’s closest friends. A rare public photo of Pretorius shows him posing with his two sons and Calitz on the golf course. Calitz and Pretorius went to the same Bible study group, which met every second Friday.

Calitz referred many investors to Herman Pretorius’s Relative Value Arbitrage Fund (RVAF), which has since been exposed as a Ponzi scheme. It has been estimated ………

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Financial Services Board: we act within our mandate

16 Jun

Author: Dube Tshidi

Publications:Business Day

Date Published:  16 June 2013

THE Financial Services Board accepts that criticism comes with the territory and is to be welcomed. What is of concern is the manner in which this criticism has been levelled against the board in the aftermath of what has been referred to as the “startlingly inappropriate and lenient” sentencing of J Arthur Brown……………

Last year, the case of the late Herman Pretorius cast the spotlight on sophisticated pyramid schemes, with the suggestion that the board should have known what was going on and prevented the loss of investors’ monies. The fact is that although the bulk of financial investment activities in the country fall within the board’s jurisdiction, there are notable exceptions.

In schemes like the one operated by Pretorius, which operated outside of and in secret from the regulator, the board is not mandated to act. The regulator’s role is to continue to educate the public around the dangers of investing in companies ……..

* Dube Tshidi is executive officer of the FSB.

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‘Susan Pretorius skuld ook miljoene’

13 Jun

Author: Marelize Barnard

Publications:  Die Burger

Date Publiched: 13 June 2013

KAAPSTAD. – Susan Ann Pretorius was “uiters nalatig” as mede-trustee van een van haar oorlede man, Herman, se trusts en “skuld minstens R100 miljoen” aan beleggers.

Boonop is sy die eienaar van die gesin se spoghuis in Welgemoed waarvoor R13,3 miljoen van die beleggers vir die binnenshuise versiering en bouwerk gebruik is.

Dié aantyging van die aanspreeklikheid vir beleggers se geld word vervat in ’n aansoek om die sekwestrasie van Susan Ann Pretorius wat gister by die Wes-Kaapse hooggeregshof ingedien is.

Vir “Projek: Van de Graaf 530” – soos wat die bou- en opsmukprojek van Susan Ann Pretorius se huis bekend gestaan het – is tjeks van tot R1 miljoen elk uitgeskryf.

Die binnenshuise mooimakery sluit in vier bedrae van R798 000, R323 000, R188 000 en R216 000 vir meubels. Die vensters is ………

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Pretorius ‘belê net klein deel van geld’

13 Jun

Author: Marelize Barnard

Publications:  Die Burger

Date Publiched: 13 June 2013

KAAPSTAD. – Wyle Herman Pretorius het die klein deel van beleggers se geld wat hy blykbaar wel belê het “teen groot verliese” rondgestrooi.

Meer inligting oor hoe Pretorius sy Relative Value Arbitrage Fund (RVAF) bestuur het, is gister onthul in ’n sekwestrasie-aansoek wat in die Wes-Kaapse hooggeregshof teen sy weduwee, Susan Ann Pretorius, ingedien is.

Een van die likwidateurs en ’n mede-trustee van Pretorius se Seca Trust, Lambertus von Wielligh Bester, voer in ’n beëdigde verklaring aan Pretorius het slegs ’n “klein deel” van die beleggers se geld in geldige beleggingsmoontlikhede belê.

“Sommige” van dié beleggings het gemiddeld …….

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Pretorius se weduwee staan sekwestrasie teen

12 Jun

Author: Marelize Barnard

Publications:  Die Burger

Date Publiched: 12 June 2013

KAAPSTAD. – Die weduwee van Herman Pretorius word deur ’n aansoek om sekwestrasie in die gesig gestaar.
’n Aansoek om Susan Ann Pretorius voorlopig te sekwestreer is vir vandag op die hofrol van die Wes-Kaapse hooggeregshof geplaas as deel van regstappe deur die likwidateur Lambertus von Wielligh Bester.
Dit volg byna ’n jaar nadat Pretorius in Julie verlede jaar eers sy voormalige sakevennoot, Julian Williams, in Williams se kantoor in die middestad van Kaapstad doodgeskiet en daarna selfmoord gepleeg het deur homself ook te skiet.
Bester het gister bevestig dat hy die aansoek gaan indien en dat Susan Ann Pretorius aangedui het dat sy dit gaan teenstaan.
Bester, van Progressive Administration, is ’n medekurator van Pretorius se gelikwideerde beleggingstrust, Relative Value Arbitrage Fund (RVAF Trust), waarin ………

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Insolvency Act, 1936 (Act 24 of 1936)

5 Jun

Section 29 (1)

Every disposition of his property made by a debtor not more than six months before the sequestration of his estate or, if he is deceased and his estate is insolvent, before his death, which has had the effect of preferring one of his creditors above another, may be set aside by the Court if immediately after the making of such disposition the liabilities of the debtor exceeded the value of his assets, unless the person in whose favour the disposition was made proves that the disposition was made in the ordinary course of business and that it was not intended thereby to prefer one creditor above another.

Section 29 (1)

If a debtor made a disposition of his property at a time when his liabilities exceeded his assets, with the intention of preferring one of his creditors above another, and his estate is thereafter sequestrated, the court may set aside the disposition.

Ponzi Schemes – Who To Sue

5 Jun

Author: Unknown

Publications: Symington & de Kok Attorneys

Date Published:

  • Firstly, don’t count on getting anything back from the scheme itself. Your claim is normally against a company in liquidation, and whilst you should certainly investigate the advisability of pursuing your claim, it will be a concurrent claim and likely worthless.
  • Better news is that recent determinations by the FAIS Ombud have paved the way for claims against a range of other individuals and entities involved in producing, promoting and selling such products, whether the products are found to be fraudulent or just “inappropriate”. Financial advisers, their employers, brokers, “FSPs” (Financial Services Providers) – together with directors, compliance officers and “key individuals” of the actual product providers – have all been held liable for investors’ losses, with clear indications that the net may be cast even wider in appropriate cases.

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Financial Services Sector: get ready to relicense

15 May

Author: Jeanette Clark

Publications: MoneyWeb

Date Published: 15 May 2013

FSB to also have a say in FSP executive management appointment.

……… “Up to now we have ‘failed’ in areas where we actually don’t have jurisdiction,” Tshidi states, referencing Sharemax and Herman Pretorius. “But those things are not in the space of the FSB, at least for now. But, when we move into Twin Peaks, those things will be in our space. If we fail then, then we will indeed have failed,” he said ……….

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Fierce Bidding for Luxury Voelklip beach holiday villa of the late Herman Pretorius

26 Apr

Author: Property Wheel

Publications: Property Wheel

Date Published: 26 April 2013

“Our Group received joint instruction by Mr C F Bester of Progressive Administration and Ms S A M Daneel of Independent Corporate Recovery Advisors, to proceed to auction with this premier sea front designer home and all of its luxurious and décor appointed contents and the record crowd and highly competitive bidding on the day bears testimony to not only the notoriety of the previous owner but also the unique and desirable appeal of the home” says Group Chief Executive Officer, Jonathan Smiedt who conducted the auction.
“We had an unexpected turn out of over two hundred members of the public attending the auction as well as media journalists from various publications, one of …..

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Gebou verkoop bó waardasie

20 Apr

Author: Jana Breytenbach

Publications:  Die Burger

Date Publiched: 20 April 2013

KAAPSTAD. –Die kantoorkompleks in die Tyger-Waterfront waaruit wyle Herman Pretorius sy berugte beleggingskema bedryf het, is gisteroggend vir R12,25 miljoen verkoop.

Sean McCarthy het die eiendom namens die eiendomsmaatskappy Sujean Property Investments op ’n veiling gekoop. Hy en sy sakevennoot, Richard Brand, het die veiling bygewoon.

Die eiendom, eenhede 8 en 14 van Riverside Place, beslaan onderskeidelik 152 m² en 969 m². Dit sluit in raadsale, ontvangsvertrekke en luukse kantore, asook 51 parkeerplekke.

Die veiling het in die parkeerterrein voor die ingang ….

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