Moneyweb has reported that curators of the RFAV Trust, a scheme managed by the late Herman Pretorius, are concerned that his family could be hiding assets.
The website reported that the curators have approached the Western Cape High Court to grant an order to freeze certain assets and funds, saying that the assets belong to the 3,000 or so investors who invested around R2.2bn in Pretorius’s schemes.
Joint curator Rynette Pieters said that without the order “there is a very real fear that the assets will be secreted.” Pretorius’s widow, Susan Ann Pretorius and her lawyer have opposed the move.
Justmoney reported in August that the Financial Services Board (FSB) that it was investigating financial advisors and brokers that promoted the RVAF fund managed by Pretorius.
It is understood that Pretorius shot himself in July after gunning down his business partner Julian Williams. The RVAF Trust was placed under provisional sequestration on 2 August by the Western Cape High Court. The FSB said it supports this action and encourages investors to take the necessary legal action to attempt to recover their monies.
According to reports, the RVAF Trust is also being investigated by The Directorate for Priority Crime Investigation (Hawks).
Curators seek to freeze Pretorius' family assets
Recent Articles
Featured It’s possible to change your marriage regime
Many people wed before they sign an antenuptial contract (ANC). This is especially practiced by people in customary marriages and those not clued up about the ANC. The law says if there’s no ANC before the wedding takes place, the marriage will automatically be in Community of Property.
Keep this in mind when taking out new financial products
Adding a product to your personal finance portfolio, such as insurance or an investment, is a big decision. We found out what you should keep in mind before taking out a new product, how you can assess the products you already have, and how you can generally improve your financial position.
Are you in debt denial?
With debt levels increasing at 13% more than income levels, South Africans are more debt-stressed now than arguably ever before. This is iterated by the National Credit Regulator’s (NCR) report that nearly half of credit-active consumers in South Africa have damaged credit records. However, only a few seek the necessary help.
Why should you invest in a mutual bank?
Often when people think about banking, they always think about commercial banks. Mutual banks hardly come to mind, but these banks offer investment opportunities that are often overlooked.
Deals
Aurora Spa 100-minute Treatment Special
Price: R449
When: Until 31 March
Where: Century City
Woodstock Grill and Tap Steak Thursdays
Price: R100
When: Thursdays
Where: Woodstock
KFC 5+5 Special
Price: R65
When: Until 25 February 2020
Where: Nationwide
Our suppliers and companies we review
