Withdrawal of directives in respect of property syndication companies promoted by Sharemax Investments (Pty) Limited.

Withdrawal of directives in respect of property syndication companies promoted by Sharemax Investments (Pty) Limited.



In respect of property syndication companies promoted by Sharemax Investments (Pty) Limited





8 Feb 2012

The Office of the Registrar at the South African Reserve Bank (SARB) has carried out its mandate to ensure the compliance of Sharemax (Pty) Limited and its property syndication companies with the Banks Act. The SARB has also withdrawn the directives issued to Sharemax and its property syndication companies to repay investors.

This follows the approval of the schemes of arrangement by the High Court on 20 January 2012 and the subsequent registration of Sharemax and the property syndication companies with the Companies and Intellectual Property Commission on 24 January 2012.

Sharemax and its syndication companies were investigated by the Registrar’s office and it was concluded that the funding models used by the entities were in contravention of the Bank’s Act. Directives were issued to Sharemax for the repayment of funds to individual investors in September 2011.

The SARB appointed independent fund managers to take control of the assets of Sharemax and its property syndication companies. Following the High Court decision, these fund managers have been relieved of their duties.

The SARB inspects various schemes of a similar nature on an annual basis and actions taken by the Registrar’s Office are dependent on the merits and demerits of each case.

Refer to the fact sheet for further details.

Enquiries:
Hlengani Mathebula
Head: Strategy and Communications
Tel: 012 313 4210
Cell: 082 448 9219

Issued by: South African Reserve Bank
8 Feb 2012


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Charges laid over Sharemax scheme

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18 Oct 2010


Sharemax’s attorneys, Weavind & Weavind have apparently been charged with fraud by Pierre Hough, managing director of Chase International who laid the charges at the Brooklyn Police Station on behalf of one of his clients.



According to station commander, Brigadier Andre Wiese, a case of fraud had been opened but this matter had been transferred to the commercial crimes unit in Pretoria.

Hough says Weavind & Weavind failed to respond to a demand for repayment of a R200k deposit originally paid to the attorneys by one of Chase International’s clients. He has apparently lodged a claim with the fidelity fund of the Law Society of the Northern Provinces in an effort to get the client’s money back.

Hough has accused Weavind & Weavind of theft amid allegations of fraudulent non-disclosure and misrepresentation in the prospectus published for the Zambezi Retail Park.

Hough has also accused the attorneys of transferring money out of their trust account prior to the property being transferred to the syndication vehicle. The Department of Trade and Industry specifically prohibits the withdrawal of funds from a trust account prior to the properties being transferred.

Apparently Zambezi Retail Park and The Villa – other properties in the Sharemax portfolio – have not yet been transferred to the syndication company.

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About the Author

29 May 2013 Financial statements reveal R2.2bn loss for Sharemax investors
Download the financial statements Nova Group’s directors wouldn’t make public.

Financial statements for Nova Property Group show that investors who bought Sharemax products have lost R2.2bn. Nova is the company that owns all the properties that used to belong to investors in the various Sharemax property syndication companies. Nova was formed as a result of a ‘Section 311’ rescue scheme which received court sanction in January last year.

The full Article on Moneyweb is available HERE.

The Financial Statements are available HERE.

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08 March 2012Was Dawie Roodt fired from Sharemax?
Was Dawie Roodt fired from Sharemax?

War of words erupts over Roodt’s departure from Sharemax’s syndication companies.

Was Efficient Group economist Dawie Roodt fired from the boards of Sharemax’s syndication companies?

Moneyweb Radio presenter Magnus Heystek claims that he was informed by corporate lawyer Connie Myburgh that Roodt was “fired”. Myburgh is the architect of the Sharemax rescue plan, which received court sanction early this year.

This is not the first time Moneyweb has heard of Roodt’s alleged sacking. Dominique Haese, CEO of the Sharemax syndication companies, has also made the allegation, albeit indirectly.

During a recent telephone conversation with this journalist, Haese claimed she was aware of the identity of a director who had allegedly leaked documents to Moneyweb. Haese said that the guilty director had been “fired” from the Sharemax syndication boards, and that “steps are being taken against him”.

Haese did not mention Roodt by name, but he is the only director to have left during the relevant time period.

Roodt was appointed to the boards of the Sharemax syndication companies in November 2010. He apparently resigned in July 2011. At the time, Roodt was hesitant to disclose the reasons for his “resignation”. He would only say: “I don’t think I can make a contribution to the [restructuring] process anymore.” He added: “I think it’s also safe to say there were some disagreements.”

Sharemax later confirmed that Roodt had resigned.

But this media release has allegedly been contradicted by Myburgh in a fiery telephone call which took place last Friday evening, immediately after the broadcast of Moneyweb’s Afrikaans radio programme, RSG Geldsake met Moneyweb.

Presenter Magnus Heystek’s version of events follows:

“Dawie Roodt was on our radio show on Friday to speak about the Budget. During the show, a listener called in and asked why Dawie had resigned from the Sharemax boards. Dawie was diplomatic in his answer.”

Roodt answered in Afrikaans: “I was not happy with how things were done and consequently I decided to end my relationship with Sharemax.”

Readers who wish to listen to the relevant portion of the radio show can download it here.

Heystek continues: “As soon as we walked out of the studio, Dawie’s phone rang. He showed me the screen and I could see it was Connie Myburgh calling.

“Dawie answered his phone, and I could hear that he was having a heated conversation with Myburgh.”

At some point in the conversation Roodt handed the phone to Heystek so he could speak to Myburgh.

Says Heystek: “Myburgh informed me that Roodt had been fired from the boards of the Sharemax syndication companies. He promised to send me a letter that would prove this.”

On the following Tuesday, Heystek called Myburgh to ask whether he would send the promised letter.

“What followed was a verbal tirade,” says Heystek. “Myburgh made a number of allegations against me, Moneyweb, and [forensic accountant and Sharemax critic] André Prakke. He called Dawie a liar and denied saying he had been fired.”

Heystek says he knows Connie Myburgh because they studied at the same university. “Myburgh was also in my office four years ago to discuss a property in Mauritius.”

Roodt declined to comment on allegations that he was fired. Neither Myburgh nor his attorney, Coenie Willemse, responded to a request to comment
Posted by Gareth Shepperson at 16:49