Investec on a plate

Noseweek Issue #104, 1st June 2008   


Investec on a plate How one of South Africa's biggest financial institutions conspired to defraud British investors.

Investec and the Claims Direct directors certainly knew that the flotation was not kosher - and that the company was doomed. For all of them it was simply a dirty - but effective - exit strategy.

Investec had more than one reason for wanting to keep the pending catastrophe a secret; it was negotiating with FNB to take over its loans business.

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Reader's comments

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Submitted by : Toni Goncalves of Johannesburg on 2008-06-01 20:44:47
I have a huge complaint against Noseweek! I now have to wait FOUR weeks for the next edition!
This is unacceptable! The withdrawal symptoms are not pleasant. This monthly should become a_________?

Comments please!
 
Submitted by : Ikaneng Malebye of Groenkloof on 2008-05-30 14:07:02
is there - anywhere in this country - a successful business that was built on honesty? as a businessperson, is there anyone to look up to ie after mr nose's magnifying glass has shed some light?
 
Submitted by : Toni Goncalves of Johannesburg on 2008-05-29 19:14:00
Interesting timelines, they intersect with the crash of the Rand in 2001, 2002. investec was also under investigation if I remember correctly then. Maybe some of our other readers remember the furtive meetings, veiled suggestions of gross manipulation of the laws regulating movement of foreign funds at the time, Mmm?
 
Submitted by : Stephen Fish of Midrand on 2008-05-29 13:08:08
Next thing we'll find Investec in bed with Discovery - as thick as thieves both secretly defrauding the clients of both companies and getting away with it!

When will the FSB take these "directors" to task for lining their own pockets at the expense of the misguided and misled public?
 
Submitted by : Joe Wolfson of Echunga on 2008-05-29 04:10:31
and to think I used to think that Investec was a different bank. Maybe I am now learning that they are all the same.
 
Submitted by : Jason Love of Observatory on 2008-05-28 14:51:54
Reminds of the quote from Sir Walter Scott:
“Oh, what a tangled web we weave, When we first learn to deceive”
I look forward to the next chapter!

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