Property mogul Nic Georgiou has walked away from "guarantees" he supposedly made to thousands of investors in PIC Syndications.
For some time PIC Syndications, led by its apparent owner and CEO, Rikus Myburgh, and joint MDs, Ben van der Linde and Morkel Steyn, has been selling shares to investors with the assurance that their income and capital were "guaranteed".
Realestateweb and others have questioned this supposed guarantee, which was backed by Georgiou and his associated entities. We noted that while Georgiou appeared to be a wealthy businessman, his financial affairs are not open to public scrutiny. It was simply impossible for investors or their financial advisers to determine his net wealth - for all they knew, Georgiou could be mired in debt.
04 April 2011
PIC Syndications Looking Wobbly
After the pawpaw hit the fan with Sharemax it now looks like PIC Syndications is going the same way:
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11 comments:
Don't you find it astounding that all the human rubbish seems to find their way, sooner or later, to the property "industry"?
I would have expected more of the rubbish to gravitate to drugs and prostitution but it seems that game is over-crowded so here they come: estate agents, lawyers, mortgage originators, "advisers", "property developers", etc etc
My gripe is with Bankers,Estate Agents and mortgage originators and SARS. Parasites all.
In essence what do they "produce" that is beneficial to society ?
Do they grow wheat ?
Do they fix drains ?
No - they just know how to skim off the top.
Only uneducated people refer to professionals who working in the banking industry as "Bankers".
There is no such job per se. There are however CA's, Actuaries, Lawyers etc working in Banks.
These professionals don't produce physical goods but they offer a service. A service without which you would be unable to obtain financing to purchase your lovely homes or cars. You wouldn't be able to save in pooled investments for retirement or obtain any insurance for your worldly items.
To class a financial professional in the same group as an Estate Agent is laughable at best.
Only idiots refer to people working in banks as professionals> They might have a professional qualification but what they do all day in the banks is a joke - "chill", shuffle pieces of paper and play office politics.
Without these people running our banks we wouldn't have a global meltdown, started in 2008, would we? We might just have had banks who lend money to buy lovely houses and cars
"To class a financial professional in the same group as an Estate Agent is laughable at best."
Yeah agreed!
Estate agents at least add some value, albeit very little!
Only the great unwashed think professionals do nothing all day long.
Errrrrm
Do not get me wrong - I was talking about "bank" professionals, that's all
Now apologise, or taste the cold steel of my sword, peasant!
Settle down children and let's get back to talking about property.
Does anyone else thing Buh-Rein Estate (awful name by the way) is about to go belly up?
This Buh-Rein development is being built by MSP Developers, probably the largest developers in the Western Cape. They are very cash flush and are the only company that is developing on a huge scale in CT in this messed up market.
I wpuldnt look at buying there as Burgandy Estate has a long way to go in terms of development and prices are down as there is alot of buy to let investors that got burnt.
As for the name, only a developer from Belville would think that one up!
I can't see value in Kraaifontein - even at Buh-rein prices.
Burgundy estate is hideous, right next to the oil refinery.
And don't get me started on that development in Brooklyn....
These so-called developers are nothing but snake oil salesmen. Buying up land a homeless person wouldn't want and trying to shill a profit. May they all go under God willing.
If you require more info, why not join our forum www.ishelp.co.za where PIC syndications are discussed in detail.
PS PIC syndications has a meeting tomorrow at the Lord Charles in somerset West the 20th May 2011 with the directors.
ISHELP will be there to take them on head to head.
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