Can anyone tell me whats going on here! Disgusting to say the least! When you phone SBK they cant give an answer either! They are brokers are they not? enough said just take the broker fees screw the clients!
The truly bizarre aspect of this liquidation is that the IDC injected R120m into Alliance after a due diligence mere weeks before its demise, inter alia to finance director Matthews Phosa's BEE stake...and not a word was ever raised about this. Par for the course I suppose..
With all of the allegations of fraud, mismanagement, incompetence... These government "investment corporations and banks" are a fair sign that you should stay away. Why would the IDC make a good investment? Even if their intentions were on the "straight and narrow," you would have to question their competence!
Given that it is a slow day, some other titbits re. ALM Â– the psychopathic FD (who simultaneously performed this function at Afdawn with similar results) dabbled in derivates of the companyÂ’s share through her boyfriend at Watermark Securities which over time left a R40m hole in the companyÂ’s books. Neither the IDC nor the company auditors ever picked up on this. Corporate governance moreover was mostly non-existent as Phosa was allowed to nominate a disgraced SABC executive to the board after she left that institution under as cloud having bought millions of Rands worth of un-airable product. Shortly thereafter, the MD contracted cancer, most probably stress-related given all the shenanigans and deception at the firm, and resigned. And so everything went quietÂ…