The Companies and Intellectual Property Commission (CIPC) is on track to release a pivotal report by October, which should shed light on the role the South African Reserve Bank (Sarb) played in the collapse of various property syndication schemes such as Sharemax.
The report may even result in a scenario where investors could be compensated for their losses if it indicates that the industry imploded due to regulatory irregularities.
The CIPC's investigation started in 2022 when it began probing the Nova property group's failure to repay former Sharemax investors within the 10 years it was tasked to.
However, the scope of the investigation was soon expanded to include the role various regulators, such as the Sarb, played in the collapse of Sharemax and other schemes such as Realcor, Amatenda and King Financial Services.
The investigation has so far resulted in the CIPC writing a "preliminary report", which has not been made public. However, the CIPC sent a letter to regulators in April inviting them to participate in the inquiry, which revealed that the investigation had uncovered "legal inconsistencies, procedural anomalies and potential jurisdictional over-reach" related to one or more of the regulators.
The CIPC also invited the National Prosecuting Authority (NPA) and the South African Revenue Service.
This story is from the August 21, 2024 edition of The Citizen.
Start your 7-day Magzter GOLD free trial to access thousands of curated premium stories, and 9,000+ magazines and newspapers.
Already a subscriber ? Sign In
This story is from the August 21, 2024 edition of The Citizen.
Start your 7-day Magzter GOLD free trial to access thousands of curated premium stories, and 9,000+ magazines and newspapers.
Already a subscriber? Sign In
US blamed for expo row
Analysts warn exclusion could have dire consequences for SA down the line.
4900 visas for critical skills jobs
South Africa has a list of almost 150 jobs considered by the department of employment and labour (DEL) to be in short supply.
Nsfas to decentralise
Department welcomes move, plans to set up regional, satellite offices.
Lawsuits cost health billions
Investigations stop R3 billion in fraudulent claims, parliament hears.
City face Inter reunion
Manchester City are braced for their Champions League reunion with Inter Milan at the start of an expanded tournament that will be \"so tough\" for the 2023 winners.
League Cup no inconvenience
Manchester United manager Erik ten Hag insisted he still believed English football's League Cup remained a \"significant\" competition.
State of rates in Africa
Africa’s largest economies to make changes for first time in years.
RAF not about to 'implode'
»» Improvements not sustainable without legislative changes, says Letsoalo.
Can Superbalist grow?
Shein overtakes the SA retailer, while Bash is different kind of threat.
Crochet gets sex appeal
100% cotton yarn garments do not loose shape ina cold wash.