Sharemax: NPA’s decision not to seize assets baffling – AfriForum – POLITICS

Gerrie Nel says prosecuting authority repeatedly acts towards comparable funding schemes

AfriForum to problem NPA’s resolution to not seize property in Sharemax scandal

5 May 2022  

AfriForum’s Private Prosecution Unit is getting ready to take the National Prosecuting Authority’s (NPA) resolution to not acquire a preservation order towards the property of the Nova Property Group (beforehand Sharemax) on assessment. The NPA repeatedly acts towards comparable funding schemes on behalf of buyers, however inexplicably has opted to not act on this decades-long scandal.

In a letter to Deputy National Director of Public Prosecutions and head of the Asset Forfeiture Unit (AFU), Adv. Ouma Rabaji-Rasethaba, AfriForum requested the authorized opinion upon which the choice was made. The Private Prosecution Unit instructed Rabaji-Rasethaba that it needs to review the authorized opinion first to make sure that all channels have been exhausted earlier than approaching the courtroom.

“The AFU’s decision not to obtain an order to preserve the assets of the Nova Company is, in our opinion, irrational and to the further detriment of the victims who have suffered enormous financial losses due to the Sharemax debacle. The NPA is basing their decision not to act on a report that was drafted by a senior counsel. We want to see this report because the NPA – after more than a decade – has not only failed to prosecute, but there has also not been repayment of the initial investment or dividends to the investors,” says Adv. Gerrie Nel, Head of AfriForum’s Private Prosecution Unit.

AfriForum is of the opinion that the property in query had been acquired with the proceeds of crime. The Unit’s insistence on the obtainment of a preservation of property order is additional highlighted by the truth that the board of administrators of Nova on 20 January (the debenture reimbursement deadline) declined to redeem any debentures. One of the direct penalties of a preservation order is that no buying and selling of properties is allowed till the courtroom has granted a ultimate order that it might be offered or returned to its rightful house owners.

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