Sunday, April 5, 2009

Entering the sixth month of financial draught

As we statrted April, we started the sixth month of essentially non-payment by Edwafin. For me it is also thee fourth month that I have been trying to get my investment back from our friend Stapleton.
Perhaps you will recall that NCC is used as a credential on the promotional material of Edwabond, the Edwafin subsidiary that promotes and handles the debenture products. A few days ago I added the email address of the CEO of the NCC to the blog mailing list. I sense that that did not go down well.
Somewhere I missed a beat or two, as the NCC's Clive le Meme informed me via email that they have been in contact with Edwabond since October last year already, and that he will be attending the meeting with the FSB and Edwabond on 8 April. As far as I was aware, the problems around Edwafin (and its subsidiaries) only became the subject of government scrutiny during recent weeks. Anyway, read for yourself:
20090404 Email From CNN 1
I removed the NCC's email from the list as it is clear that we don't share the same planet, and that we have to do here with a highly evolved species that clearly does like interacting with standard humans. Thus I provided Mr Le Meme, with my arguments:
20090404 Mario Responds to CNN 1
To which the response was:
20090404 Email From CNN 2
Well, clearly that was the wrong address, and is a clear indication that elements of 19th century snobbery is well an alive in the 21st century. The point that I tried to convey to Mr Le Meme is that people bought into Edwabond/Edwafin based on various factors, and one of those is the credibility that organizations like the NCC gives to such a financial institution. Five/six months after things begin to collapse at Edwafin, they provide the enquirer with a curt "we feel that we have done enough, and our duty." My -my, during those intervening months attempts were still made by Edwabond to rope investors into their scheme.

But let us forget about the NCC. An important aspect emerged from my interaction with the "entity" as Mr Le Meme refers to the NCC. Both the FSB and the NCC, can only deal with Edwabond, and have little jurisdiction over Edwafin, if any. Beside revoking Edwabonds licence, they have little to contribute to recovering any or some of the investors money. or to bring any perpetrators to book. It would, therefore, be prudent to rather concentrate efforts on recovering our money via other legal means, and on reporting progress that may be made by other Government bodies. I must say, though, that most of them are extremely quiet.

1 comment:

Anonymous said...

Check out the transaction involving the sale of Rainbow Paints.
It is alledged the an employee of the company bought the paint foctories assets for an amount of R1M when the company was technically insolvent. The assets were worth a lot more.
The empoyee got the discount because he had debentures worth 250k with the company and this was a way for him to decrease his loss. Should this transaction not be reversed considering the circumstances.?