Randgold: explosive as the Arms Deal


Randgold: explosive as the Arms Deal

Investec claim they are, effectively, free to benefit from crime. By Barry Sergeant.     

A sage once said that when in a hole, the first rule to observe is to stop digging. This advice seems to have bypassed Johannesburg-based Investec over the never-ending Kebble saga.

In the latest chapter of what has been dubbed the biggest unprosecuted fraud in South African history, Investec and a small army of lawyers are arguing – very seriously – that, in essence, shareholders have no rights. This is breathtaking stuff, all right.

The case is known as Smyth et al versus Investec, involving 47 minority shareholders of Randgold & Exploration who are challenging the bank.

In a media release on 18 June, Investec said – once again – that it is “contesting” the claim of the Randgold minorities – a figure that runs into billions of rand. Investec stated: “We believe the case has no merit whatsoever”.

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Keywords: Investec J C I Randgold Locus Standi Rights Of Shareholders
Kebble Western Areas Gold Fraud South Africa Theft
Shares Nurek Gerald Farber
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Submitted by : Scott Cundill of Johannesburg on 2014-08-07 13:29:43
OH MY GOODNESS! Interesting that Investec openly admits that they securitised their loan. See here:

Investec states that in terms of the 2005-2006 "Investec Loan" Investec ultimately lent circa R1bn to JCI via an SPV structure, which was collateralised by a range of assets. "Through this process", argues Investec, "over R8bn of assets were preserved for JCI, Randgold and Western Areas shareholders".

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