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app instead?
Disciplinary committee chair dismisses application for recusals of two committee members. 00:01
About 18 000 investors invested an estimated R5bn in Sharemax Investmentâs schemes. Image: Moneyweb
The Independent Regulatory Board for Auditors (Irba) disciplinary hearing against the three former auditors to the failed Sharemax Investments property syndication schemes is set to continue.
This follows a decision by Advocate Anthea Platt, chair of the disciplinary hearing, dismissing an application by Advocate Mike Maritz, appearing for the three auditors, for the recusal of Suren Sooklal and Horton Griffiths, two members of the disciplinary hearing committee.
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First published in the Daily Maverick 168 weekly newspaper.
“Our democratic Constitution is the product of years of sacrifice and struggle. Many South Africans endured great pain and hardship, and many lost their lives, so that we could live in a democracy where all may enjoy equal rights. The values, principles and rights contained in the Constitution are neither trivial nor abstract.” – President Cyril Ramaphosa, President’s Newsletter, 22 February 2021.
Somewhere there is a photograph of the ANC’s Cyril Ramaphosa and the National Party’s chief negotiator, Roelf Meyer, taking a break during the constitutional negotiations, seemingly relaxed sans ties.
The picture belies the mammoth task with which they were engaged. It was essentially to make something out of nothing. For the Constitution represents South Africa’s attempt to overcome its past and deal with its present. Theirs was an unusual friendship forged around our transition to democracy and the drafting of a new Constitution. In between their shared love of fly-fishing, they got the job done. The Constitution itself bears testimony to the optimism of those early years of our democracy.
MONEYWEB
app instead?
Following an application for the recusal of two members of the disciplinary committee. 00:01
No end in sight for this particular part of the Sharemax controversy. Image: Moneyweb
The Independent Regulatory Board for Auditors (Irba) disciplinary hearing against former auditors of the failed Sharemax property syndication scheme has been postponed
sine die (indefinitely).
This follows Advocate Mike Maritz, appearing for the three auditors, this week submitting an application for the recusal of two committee members of the disciplinary committee on the grounds of actual bias or perceived bias related to the proceedings.
Read:
Accusations and denialsÂ
Advocate Kate Hofmeyr, appearing for Irba, said on Wednesday the allegations made by Maritz that she had misled the committee in her opening address are unfounded and untrue.
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Says it could be an exercise in futility to continue with the matter. 00:01
Mike Maritz has raised questions about the independence of the independent regulatory boardâs disciplinary committee members. Image: Shutterstock
The actual or perceived bias of two members of the Independent Regulatory Board for Auditors (Irba) disciplinary committee in the disciplinary hearing against three former auditors of Sharemax has made the case a nullity, argued advocate Mike Maritz.
A nullity in law is defined as something which may be treated as if it did not exist or never happened.
Maritz, who is appearing for Jacques Andre van der Merwe, Danie Dreyer and Petrus Johannes Jacobus Bekker, said this during an application this week for the recusal of Sorenzo Sooklal and Horton Griffiths, two members of the disciplinary committee hearing the case.
Roy Cokayne A view of the interior of the half-built Villa Retail Park in Pretoria. Image: Moneyweb The independence of an expert witness has been brought into question at an Independent Regulatory Board for Auditors (Irba) disciplinary hearing against the former auditors of the failed Sharemax property syndication scheme. This follows Brian Smith, who has 45 years’ experience in the accounting field and is Irba’s expert witness in the case, confirming last week that he was a member of Irba’s investigation committee from 2004 until 2016 and chair of this committee from 2011 until 2016. Smith further admitted that during the time he chaired this committee, it concluded the investigations into the conduct of the three audit...
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Despite being warned of the disastrous consequences for investors. 00:01
The abandoned Villa Retail Park development in Pretoria. Its prospectus was issued after the launch of a Sarb investigation into Sharemax in 2007. Image: Moneyweb
The South African Reserve Bank (Sarb) issued directives against Sharemax in 2010 despite a warning by a senior advocate about the disastrous financial consequences âan over hasty approachâ could have for investors because urgent high court winding-up applications were pending against the failed property syndication company.
This was confirmed by former Sarb deputy registrar of banks Michael Blackbeard on Monday during the Independent Regulatory Board for Auditors (Irba) disciplinary hearing against the former auditors of Sharemax.