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CLIENT now happy with final payout

By unknown | Aug 20, 2008 | COMMENTS [ 0 ]

Ruffet Mokonyane from Limpopo was disappointed and aggrieved because he believed Liberty Life was withholding his millions.

Ruffet Mokonyane from Limpopo was disappointed and aggrieved because he believed Liberty Life was withholding his millions.

But now he has thanked everyone, including the financial adviser whom he blamed for earning R53000 commission.

Mokonyane has finally received all his money, with interest.

At first he had complained that his company, BKI Properties, had lost hundreds of thousands of rands in an investment he was told would earn him millions more than his bank was offering.

After Consumer Line's intervention he received R1,6million, which had a shortfall of R111800. He complained about it and it too was paid.

His third gripe was that R53000 was fraudulently withdrawn, but it was discovered that it was his agent's commission.

Mokonyane said that he had invested R3million with Liberty Life and when he wanted it the company refused to pay it into his company's account.

But he had cashed in the R1million when it matured and had invested it with Charter Life. He said he was battling to get back the R2million so he approached Consumer Line.

Liberty Life said they received Mokonyane's formal request 16 days after it was signed. The blame for the delay was attributed to his financial adviser, who had kept his release form until July 1.

This delay equates to R48000 Mokonyane would have lost had he not pointed it out.

Liberty Life's Erica Nthlanthe said only R2million was invested with them and the other million was with another insurer, Charter Life, which Mokonyane still believed was a Liberty investment.

Mokonyane wrote to his financial adviser saying among, other things: "The investments achieved moderate returns, the one investment grew to just over R1,76 million and the other two just over R1,55 million each".

With respect to the R53000, he said his financial adviser deserved it.

"The service he rendered to me over the years was always of the highest quality," Mokonyane said.

Responding to why the R1million was held back, Nthlanthe said the delay was due to outstanding documents from Mokonyane. These are required for closed corporation owned policies. A further delay was caused by communication and the transferring of documents between Liberty Life and Standard Bank Financial Services.

A first payment of R1 618 028,50 was processed on 4 July and the system paid value as at 4 July.

"We sincerely apologise for the confusion and the inconvenience caused. To date, Mokonyane has been paid R1 618 028,50, R55 680,79 and R46 774.86. It amounts to R1720484 of his policy value dating back to June 13 2008, the date on which the payment request form was signed," said Nthlanthe.


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