In another twist involving the public protector’s office‚ the Minister of Co-operative Governance an.
Knives were drawn yesterday as Ubambo Investment Holdings struck back at Buyers Equity Guide (BEG) following allegations in yesterday's Sowetan of a fraudulent share scheme that fleeced investors of more than 90percent of their investments.
Leonard Mnisi told Sowetan how he had invested about R60000 at R3 a share in Ubambo in 2005 but had yet to receive correspondence regarding his stake.
In 2005 BEG sent out bulk e-mails inviting investors to buy over-the-counter shares, which they valued at R3,50. Ubambo's shares are only worth 42c each.
This is according to the company's chairman, Gary Harlow, who said yesterday that his company had no dealings with BEG. "There is absolutely no relationship between us and BEG and we have been on a permanent collision course with them," he said.
Even so, Ubambo has not provided financial results to shareholders for three years.
Ubambo promised to invite investors to a general meeting by December, but only if the company's auditors completed the auditing of financial documents within the next two weeks.
However, after three years of silence, investors do not trust that the meeting will take place.