Boxing Day Open Thread

It's the Saturday open thread.

Saturday Open Thread

This is the Sautrday open thread.

What's Happening at Treoc?

There are rumours floating around that Treoc, a well known SA property investment scheme, is in trouble with the banks. This article, which I can't read because it's subscribers only, at the Cape Times mentions

A SOMERSET West property scheme that allegedly duped the four major banks into overexposing thousands of investors to about R5 billion rand in bonds, has come under the spotlight in a sequestration inquiry in Cape Town

Coert Coetzee, who is the Chairman of Treoc (Coert reversed = Treoc geddit) metions it in passing in his own blog

I had a meeting today with my legal team regarding a newspaper article and as I understand it now, it is alleged that on a specific client’s bond application a certain bond originator did not disclose the bank’s required information to them. At this stage I do not know whether the fault lies with the originator, bank official or even the client not disclosing the correct information.

However, I am very upset and I ordered a full investigation. I will not hesitate for one moment to take swift and decisive action against the guilty party.

So does anyone out there have more information about what is being alleged? Did Treoc expose the banks to R5 billion in losses?

Update:

A report in the Cape Times shows claims that the Treoc duped the four major banks into overexposing thousands of investors to an estimated R5 billion in bonds. Its says Treoc Property Investments advised and organised loans for an inexperienced 29-year-old investor to about R2.9 million in bonds from different banks on a salary of R17 000. Financial records show that Treoc applied to four different banks for bonds for the Goodwood man on the same day, and got them. A former Treoc director, attorney Jose Delgado, who left in 2008, was subpoenaed to explain why, as a joint "independent" trustee, he did not advise the young man that he was getting into trouble. When it was put to Delgado that Treoc director Coert Coetzee was "selling fraud on creditors", Delgado answered: "You can look at it that way." Treoc, an investment company directed by Coert Coetzee, offered property investment courses to laymen on how to create and operate property trusts. Treoc did everything in-house: applying for bonds, sourcing properties, administering a rental pool, and offering related financial services.

Saturday Open Thread

It's the Saturday open thread.

World Cup Draw Saturday Open Thread

It's the Saturday open thread!

Million Dollar World Cup Rental - On Sale For Half a Decade

When I heard about the $1 000 000 World Cup rental I knew immediately it could only be one property: this 5 bed Clifton mansion on the market for R80 000 000 (check the umbrellas).

Now this property I've been aware of for a while. Every few months Pam Golding includes it as part of their pull out property feature. It's been on sale for YEARS. Hell I remember at least 4 years back when it was on the market for R40 000 000.

And a final thought: What's the point of renting a beach side mansion in the middle of winter?