Mutual &Federal's hot deal

Mutual &Federal's hot deal

Although Moccasin Footwear CC of Pietermaritzburg technically belonged to Shireen Sookgreep, her husband, Yusuf Essa, was the person who ran things. It was a pretty typical SME – a small factory, a staff of 40, and a loan of R1.5 million from the a self-financing Independent Development Corporation (IDC), the state-owned national development finance institution that provides financing to entrepreneurs and businesses.

But on 26 October 2002 something decidedly atypical happened – the entire factory burnt down. Essa did what one does in such circumstances; he submitted an insurance claim, but instead of paying up on the claim the insurers put the boot in.

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Submitted by : Reon De Reuck of Little Falls on 2011-04-01 16:23:08
Is it true, those with the most money win?

Editor's Note
Not only win, but get the in bed with everyone that wants share of their money including lawyers, banks, auditors, insurance and even politicians... the list keeps growing.


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