And the letters keep coming, sad, sad, sad.....

In a way I miss the Edwafin logo on my daily blog, and if it wasn't so much effort, I would delete some of the pictures in the earlier blogs, just to be able to add them here. But what, we can make do without the pictures for a while.

Except for a good number of emails in support of this blog, there were also a good number of investors and ex-employees of Edwafin and its subsidiaries. While I was working in my workshop this morning, I could only shake my head in partial disbelieve and partial dismay at the absolute disregard for human dignity and fairness the Edwafin group of companies have shown, and are probably still showing their staff and their investors.

One frustrating aspect of all these messages is the fact that most people want to remain anonymous, or would not like to have their information published because it may either identify them, or their contentions are essentially speculatory.

It struck me also this morning, that I am probably one of the lucky investors who received his interest in monthly installments. There are probably a good number who saw their investments as a type of savings account, and who expected double their money back at the end of a five year period. At least, I and other got something from the deal.

Although I had hoped otherwise, there has still been no signs of life from CIPRO or the NPA. Unless they are working on the case behind the scene, this is a sad indictment of the effectiveness of these two important bodies in a matter that affects 4000 citizens (some non-citizens though), and to the tune of many millions.

In the mean time concern is being expressed about the reason why past directors, who had vast sums of money invested in Edwafin, so easily left the company in recent times. Why also the CEO, Mr Patrick Stapleton, is now the only Stapleton member left in the company?

A question I keep asking is, if the company is not currently in a profit making situation, and in view of the fact that it could not pay its investors (and retrenched staff) in November - January (and only 25% thereafter), where did Stapleton get the money from to pay the 25% interest and his staff?

Another question that keeps cropping up is what about Mr Brian Poliah, The financial main man of Edwafin. One supposes that he is an important cog in the financial planning and execution of our most favourit company. yet, I suppose, if my field of activity had to go as pear shaped as his has done, I would also hang my head very low in shame.

If have just checked, and Edwabond still seems to be going strong (at least as far as the Internet is concerned. Earlier I mentioned that they are members of both SAVCA and NCC.

The codes of conduct of the SAVCA includes the following clauses:

Members will conduct their business in a responsible way and will not engage in practices which would be damaging to the image and interests of the venture capital and private equity industries.

Members will assure a high standard of their investment portfolio and will avoid financing enterprises or participating in activities which are contrary to these goals. They will take a long term view of the economy and private equity and venture capital industries, rather than engage in short-term speculation.

Each member shall promote and maintain ethical standards of conduct and deal fairly and honestly with all business concerns seeking its assistance, with all companies to or with whom it makes loans or investments, and with all other private equity and venture capital companies.

No venture capital or private equity fund may be used to promote the welfare or assist its directors, managers, employees, nominees, and representatives, except insofar as they benefit from the success of the fund according to established compensation and profit sharing contracts.

Members will be accountable to their investors by fully disclosed operating and financial reports.

Unethical conduct will be deemed to include any evasive device intended to conceal non-compliance with the Code of Conduct and any regulations enacted by the proposed Professional Standards Committee, designated by the committee of SAVCA for its enforcement.

Members will abide by the code of conduct and all rulings and regulations issued by the proposed Professional Standards Committee designated by SAVCA committee.

One wonders where SAVCA is in all of this, perhaps I should include their email in the blog list - sorry Verona, you had to go I needed your spot in the list. In any case you are one of the silent types, the keep it close to the chest members of staff. I would have loved to tell you how much help you provided me in trying to get my money back, but then I would have to be rude. You do the legal profession proud, I'm convinced. Anyway, off you go!

Hey, but wait, I'm not done yet. Here is another quote, this time from the annals of the NCC:

We undertake to perform a risk management due diligence of our client’s practice and thereafter implement a compliance monitoring system that will not only exceed the requirements of the legislation but will also help to maintain the profitability of the practice.

Now, where on earth were these guys - they were unknown to me, and even now with the whole debacle going on, they are simply silent. I suppose I need to put them on the list as well. The chief at the NCC is Adv. Daniel Opperman, and he will receive our emails then, it's a pity but I had to remove Edwafin's "admin" email. There are only ten spots you see - Google is rather stingy in that respect.