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Defencex Investor Update

A reader enquired as follows last week:

Have you heard anything about the Defencex claim’s second phase? The input area for this claim is inactive.

In response, I contacted Hanna Ziady at Moneyweb who reported extensively on this matter in the past. As luck would have it, she had written an update on 17 June with details of the current state of affairs, and how claimants should go about getting their money back.

The initial dividend paid to investors who successfully registered in the first round was 65% of the amount they deposited, taking into account any interest payments they may have already received from Defencex.

By the end of August, 35 554 claims were successfully registered on RAWA, leading to an initial dividend payment of R131 million (R131 280 894) effected through more than 19 000 payments over two days in December.

In terms of the second repayment plan, those investors who already registered claims under the first repayment plan will receive an additional 35% dividend – amounting to close to R98 million – meaning that they will have received 100% of the amount they deposited.

This will leave roughly R151 million with which to pay any additional investors who come forward.

Investors who missed the first round of repayments, or who could not provide proof of their deposits, will have from June 28 to September 28 to register their claims.

According to court papers filed by PwC, the second repayment plan is “less stringent” than the first in that investors will no longer have to provide proof of their deposits.

They will, however, be required to provide valid Defencex usernames together with either their password or cellphone number. Any new claims will be checked against deposits and, according to PwC, the second repayment process will not cause incorrect investors to be paid.

We strongly advise anyone interested in the matter to first read the full article titled Defencex investors given a second chance to reclaim money by Hanna Ziady in Moneyweb.

It is great to know that at least some people are getting their money back.

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