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Tag Archives | sharemax

Court-Judgement

Did Reserve Bank cause Sharemax implosion?

– Interesting high court judgment This rather sensational headline greeted readers of the Star newspaper on December 14, 2018. But does this reflect the real findings of the KZN High Court? A careful reading of this very important judgement is highly recommended to anyone who is still involved with Sharemax disputes as it does not provide any […]

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ombud1

Appeal Board decision on Ombud Procedural Obligations

The respondent, Mrs Landman, is a 65 year old widow and pensioner who invested the proceeds of her late husband’s life savings/pension of R650 000 on 6 May 2006 in the Sharemax Zambezi Retail Park Holdings Ltd on the advice of the appellant, J C Mostert. The appeal turned on two material issues namely: That the Ombud is […]

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Assessment-disputed

High Court awards widow R2.7 million

A bereaved widow, who was convinced to invest R2 million in the Sharemax Villa scheme, finally saw justice a month ago in the Bloemfontein High Court, when the judge held her financial advisor accountable for the loss. The plaintiff was vulnerable in July 2010 when the defendant advised her. She was a widow with a two and […]

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justice-dictionary

Fairness in Justice

In a recent decision concerning a Sharemax investment, the FSB Appeal Board said that section 20(3) of the FAIS Act requires the FAIS Ombud to consider complaints in a procedurally fair, informal, economical and expeditious manner, and by what is equitable in all circumstances. Failure to afford a party an opportunity to respond was “inequitable”. […]

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FSB-Building

FSB Appeal Board again rules against FAIS Ombud

In May 2016 we published an article titled Ombud holds insurer liable for Sharemax loss. Briefly: A Momentum representative (Marais) introduced the client to a broker (Storm) who had a Sharemax contract. The representative was not allowed to conduct business with the property syndication in terms of his contract of employment with Momentum. When the […]

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magnifying-glass

Sharemax Investigation Reopened?

Sharemax and the media never had a cosy relationship. In the early days, Deon Basson published a number of articles in which he asked searching questions which eventually led to legal action by Sharemax. After his death, Julius Cobbett, on behalf of Moneyweb, took up the cudgels and succeeded after three years to get access […]

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FAIS Ombud

Ombud holds Insurer liable for Sharemax loss

During September 2009 James Wallace, the complainant, consulted his Momentum representative, Ian Marais, about investing his mother’s money as well as some of his own. His seventy year old mother resided in the UK, and he was empowered to make investments on her behalf. According to the Complainant, Marais mentioned an investment offered by Sharemax […]

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