The FSB urgently called on the public to refrain from conducting business with the following entities:
- Ledimar Financial Services (Pty) Ltd;
- Ledimar Stock Trading (Pty) Ltd; and
- Ledimar Investment Holdings CC.
Their offices are at 159 Rivonia Road, Sandton and 77 Commissioner Street, Johannesburg. There are apparently branches of Ledimar in Welkom, Klerksdorp, Rustenburg and Mafikeng.
None of these entities are authorised in terms of the FAIS Act to provide financial services, and specifically, to sell any investment products to the public or to receive or hold investment funds from the public.
This information is taken from the FSB Media release:
The Registrar of Short-term Insurance secured an interim interdict in the Kwazulu-Natal High Court stopping an entity trading as Model Insurance from continuing to carry on short-term insurance business. Model Insurance is not registered as a short-term insurer in terms of the Short-term Insurance Act.
The interdict follows the referral of the unlawful conduct of Model Insurance by the FSB to the South African Police Service in February 2012 and the public warning issued by the Registrar in 2012 for the public not to conduct business with Model Insurance. Despite these actions, Model Insurance continued to conduct unregistered insurance business, which led to the FSB applying for the interdict.
Subsequent to the article we published on 12 September, the person who started Model Insurance responded to the invitation to comment on our website. To read the article, and comments, please click here.