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Series of public complaints against 'fly-by-night' trucking company

By unknown | May 21, 2007 | COMMENTS [ 0 ]

Thuli Zungu

Thuli Zungu

Scores of people have lost more than R1million to a trucking business, which promised them at least R60000 a month.

Wall Street Projects promised to help people acquire a truck and contract for a non-refundable membership fee of R20000.

But, as Sowetan reported two weeks ago, Sini Pooe of Soweto got a skorokoro even after paying the company R110000, excluding the membership fee, for the truck she wanted.

Pooe attended a presentation by the company in 2005 at which she paid a non-refundable membership fee of R20000.

She said the company promised aspiring entrepreneurs a truck and a delivery contract. This was secured, but her truck was defective.

Her truck was elongated to resemble the four-tonner she wanted.

Lawrence Keylock from Wall Street Projects agreed to refund her after Sowetan stepped in.

Since the publication of Pooe's plight, more than 20 readers have claimed the company defrauded them. They all claimed that they responded to an advert which the company had been running ina newspaper since 2005.

The advert reads "At last, financial stability. Earn up to R60000 pm. Start your own transport business".

Readers said membership was for five years. But all they received before raising finance to buy a truck was a business plan.

Those who could not afford the full purchase amount for a truck were grouped in fours to form partnerships. To date, they still do not have trucks.

For those who did not have investments or savings to draw from, Wall Street helped them to apply for second bonds to pay for the trucks. Members paid Wall Street money amounting to R1,6million, but they still have nothing to show for it.

Keylock said he bought the company last year and "I would need to consult with the attorney who was handling Wall Street matters and, more importantly, Wall Street's trust account."

Only two members said they received trucks. But they have returned them to Wall Street because they were defective.

"There have been the odd occasions, where other members asked for financial assistance, which I have given in line with my financial status at the time," Keylock said.

"I have offered help, reimbursement plans and an open-door policy from the beginning and I will continue to do so to all those who have justifiable grievances that they can prove."

Keylock said his company was not running a scam, adding that trucks had been supplied along with contracts.


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