After I submitted my blog yesterday, I realized that the liquidator's circular might take some time to get to you, while some might not receive it at all. So here it is. That anonymous with the brainstem which is still in its embryonic stages - eat your heart out: from what I can make out we have all lost ALL our money. I imagine you jumping for joy.
20090602 Liquidation First Circular
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10 comments:
Devastatingly heartbreaking. Im struggling to comprehend such a loss.
All smoke & mirrors to begin with, hopefully a forensic audit will be done to find the money wherever it is hidden.
Do not like the words "costly exercise" as this smacks of liquidators giving up on any inquiry if no funds are available as an incentive to persue the Edwafin case further.
Makes me wonder how the hell the PS clan were going to turn things around - more BS
What's up with this? none of the liquidators websites work, how unprofessional - hope this is not more of the same BS.
www.mshengu-ins.co.za
www.grahamperry.co.za
www.b-inc.co.za
With over 1400 investors, many of whom do not have e-mail addresses, communication is going to prove difficult.
1. Surely Edwafin had a investor address or contact list? Mail a letter to investors requesting contact.
2. Easy! place an large advert in the local newspapers asking Edwafin/Ruwenzori Trust investors to contact liquidators.
3. Or request that anyone who had dealings with any director contact liquidators.
Not too sure if these Australian companies are connected to EW in anyway, just thought it was interesting reading.
The Raptis Group Ltd (Under liquidation) had investments in Alexia Investments (Pty) Ltd (if same company mentioned in EW Liquidators report) is listed as a general borrowing entity for City Pacific who it seems have similar investor issues to EW.
Read Company profile on right hand side bottom of webpage at http://wotnews.com.au/news/
Raptis_Group__or__City_Pacific__and__Craig_Gore/?page=2
According to the article by Eric Levenstein (referred to in your blog)the directors of Edwafin ARE responsible for reckless and illegal dealings. Hence ALL the directors should be personally liable for losses incurred by investors.All their assets should be attached and sold to help recoup some of the costs. This MUST be brought to the attention of the liquidators. If the liquidators work swiftly, they should be able to recoup quite a bit. All that money could not have just disappeared.All the directors should be jailed for a long time, since they have destroyed thousands of people. They have stolen ALL my money. I now have to depend on handouts- since my only source of income was stolen by Stapleton and his cronies.
I see that there is no mention of company owned vehicles in the liquidation brief. Surely there must have been something to that effect? What about the Directos vehicles?
Just a thought here.... if allegedly " reckless and illegal trading" has taken place and it is proven that fraud has been committed, then not only will the directors be called to book, but all past employees who have benefited from Edwafin, including all interest paid to investors will also have to be returned to recoup towards the capital.
Now that is the kind of news that investors might not like to hear. So I do believe that caution needs to be exercised here to prevent investors from shooting themselves in the foot. Leave it to the liquidators, don't interfere.
Class Action will cost you a bomb and I question what could be gained?
I am aware that 90% of the ex-directors have little or no assets (realisable) Their properties are about to be repossessed along with their motor vehicles. Even the CEO is on the bones of his...., except maybe for the proceeds of the derivative stashed overseas??
If this is the case then the past 2 years constitute illegal trading. Who but the CEO knew about it?
I am not asking you to feel sorry for the directors, but it does beg the question whether they too have not been victimised by the CEO?
There is a bigger picture out there and people you need to start looking beyond speculation which is running rife presently.
I can think of a few of the CEO's assests...his BMW X5, nice BIG house at Camelot Estate and there was the holiday home/apartment in Cape Town somewhere...and what ever happenned to the previous Financial Director - Merle Winchester?
The bank owns the car and the home.
Oh yes, maybe they can sell their TIMESHARE in Cape Town, that should go along way....
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