The secret grave of JCI


The secret grave of JCI

The proposed transaction is strange and possibly sinister

JCI, once the mother ship of the late Brett Kebble, is desperately involved in a dodgy scheme to quietly bury itself, while pretending to do something else. Investec, the somewhat controversial Johannesburg-based niche bank, holds 898 million  shares in JCI – 26.7% of the equity – and is owed R89m by a JCI which until very recently was seriously short of cash with which to pay the debt.

Like to see more ?


Subscribe to our on-line edition !

For a mere R298.00 per year you get the convenience of our online version including:
  • Twelve monthly issues of Noseweek delivered to your browser
  • A searchable archive
  • Access to every back issue since 1993 !
  • A downloadable PDF version

If it’s just the article you are after, you can purchase it by clicking here.

Tempted ?


For a taste of what awaits you, you are welcome to browse this free issue.

Share this article:

 or .....


Sharing is caring

Reader's comments

Like to add your own comment ? Please click here to subscribe - OR -
 
Submitted by : Mike & Val Turner of RANDBURG on 2014-09-30 14:38:41
I might ask the same question of my investment in Allan Gray ?

Editor's Note
It depends: If the same funds managed by Allan Gray were invested in both JCI (where all was lost) and Western Areas Gold Mining, where a valuable asset was saved, then it could at least be argued that Allan Gray had acted in its investor-clients' interests. However, things get a lot trickier if the clients invested in the loser where not identical to those invested in the winner: in that case you could find yourself having paid to save someone else's investment or, worse, maybe Allan Gray's own investment! These are all critical questions that the company, if it is as reputable as it claims to be, really ought to answer. – Editor
 
Submitted by : Donn Edwards of ALDARA PARK on 2014-09-27 17:49:19
If Investec can get away with this sort of nonsense, how safe are my unit trusts under their management? Should I move them to another financial institution, or are they all equally risky?

Disclaimer

While every reasonable effort is taken to ensure the accuracy and soundness of the contents of this publication, neither the authors nor the publishers of this website bear any responsibility for the consequences of any actions based on the information contained therein.