Sharemax, finally some headway


Executive Member
Mar 24, 2004
Some people on here may find this useful, finally there is a ruling out recognizing the scheme as a Ponzi scheme:
This is the one consequence of the ruling by the Financial Advisory and Intermediary Services (Fais) Ombud Noluntu Bam, who finally had the courage to blow open the festering sore known as the Sharmax Property Syndications with a courageous and honest ruling that sets in motion far- reaching consequences, both legal and financial, for the advisors, directors and other parties associated with this.

The other consequence is that, unless this ruling is somehow overturned by the Financial Services Board (FSB) Appeal Panel or another court, the floodgates are now well and truly open for financially dispossessed investors, particularly in the Zambezi Mall and The Villa, to pursue their claims through the offices of the ombud.

So we now have a recourse to take the matter up with The Office of the Ombud for Financial Services Providers:

Good news it seems.