FSB Acts Swiftly on Allegations

The following FSB media release clarifies its stance regarding speculation in the press about a South African involvement in an alleged Ponzi scheme said to be run from Mauritius:

Following media articles regarding the investigations carried out by the Mauritian Financial Services Commission and the Guernsey Financial Commission into the affairs of Mr Jacobus Kellerman and his associated entities and persons, the Financial Services Board (FSB) has received a number of enquiries about his status as a regulated person and associated financial services provider. Information about regulated persons or entities is freely available on the FSB website:

The FSB can confirm that Mr Kellerman is currently linked to five authorised financial services providers in various capacities as a key individual, director and representative. These financial services providers are as follows:

These financial services providers are as follows:

1. RSA Multi Asset Management (Pty) Ltd FSP 622
2. Governation Investments SA (Pty) Ltd FSP 5735
3. Pensionation Investments SA (Pty) Ltd FSP 44104
4. Multivest Financial Planning (Pty) Ltd FSP 44887
5. Contego Asset Management (Pty) Ltd FSP 788 (Director of holding company Contego Holdings (Pty) Ltd)

In terms of Clarus CIS funds, the assets of investors are safeguarded by the requirements of Collective Investment Schemes Control Act (Act 45 of 2002), in that the assets are segregated from that of the CIS manager and asset manager and are held and controlled by the scheme’s trustee which is an entity independent from the manager and asset manager.

There are also media reports suggesting that the FSB was advised of Mr Kellerman’s activities as early as 2009. The FSB denies this, as the information supplied in 2009 made no mention of Mr Kellerman or his involvement in an offshore Ponzi scheme.

We have been liaising and helping the two authorities with the investigations. The FSB has also engaged Mr Kellerman, and will take regulatory action it deems necessary at the conclusion of these investigations.

Such regulatory action could include the withdrawal of the licenses of the various entities where he is currently appointed as a key individual, director and representative. In addition to any criminal prosecution, Mr Kellerman could also be debarred from the financial services industry.

More background news

On Saturday, Personal Finance carried an article by Laura du Preez titled: How Cisca protects unit trust investors lost in storm over Belvedere. It provides possibly the most comprehensive information about this whole affair. It may be worthwhile sharing this with concerned clients.

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