PIC Syndications Looking Wobbly

After the pawpaw hit the fan with Sharemax it now looks like PIC Syndications is going the same way:

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.