Property investment schemes accounts frozen
Publish date: 08 March 2007
Issue Number: 53
Diary: Legalbrief Forensic
Category: Corruption
The Registrar of Banks has frozen the accounts of property investment scheme MoneySkills and has ordered the repayment of funds to investors, says Moneyweb.
The report notes that MoneySkills has not communicated this to its investors, who have pumped about R100m into the scheme. Earlier media reports suggest that the Registrar of Banks had examined MoneySkills during the course of last week and that it has swooped on the scheme because its business model is that of a bank for which it has no licence. It appears that MoneySkills activities are financed through the issue of debentures, which requires a banking licence. Full Moneyweb report
