Local investors in controversial scheme eager about getting money back

Amid the dissemination of online portal updates about the ongoing business rescue practice affecting controversial Free Agape Enterprises (Pty) Ltd on the online portal of Choice Lifestyle Change financial bridging scheme, local investors remain eager for news about getting their money back.
A client of the scheme drew attention to news about a meeting in Polokwane last week, seemingly one of three across the country thus far, at an establishment outside the city that was reportedly bulging at the seams as investors apparently packed the hall.
In an update posted on the Choice Lifestyle Change online portal and dated Friday, practitioner Herman Bester of Tygerberg Trustees in Tyger Valley summarises the business rescue process that commenced on 1 March this year. In the document he also refers to the Polokwane meeting last week and to two more in Pretoria and Cape Town around the same time, mentioning that 304 affected persons attended the local gathering and that a creditors’ committee was established in the city.
He continues to explain that although Polo­kwane-based company representative Wouter Botha was not appointed as a director of the company, investigations point at the fact that he had signed documents as a director of the company and that he had acted as a company director. “In terms of the Companies Act he will (be) considered as a director of the company.”
On further investigations he informs affected persons that discussions during the meetings included ongoing investigations into, among others, the existence of interests in a game farm in Limpopo. Bester didn’t act on a message of request for comment, neither did a member of the Polo­kwane committee answer his phone.

Story: YOLANDE NEL
>>observer.yolande@gmail.com