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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.
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COLUMBIA, SC - January 26, 2021 - University of South Carolina (UofSC) Distinguished Professor Michael Sutton was awarded the Society of Engineering Science's (SES) Engineering Science Medal for his "pioneering contributions" to the fields of experimental solid mechanics and materials characterization through his creation of digital image correlation technology (DIC). The recognition highlights the increasing importance of the DIC technology that is now used in nearly every field of engineering.
Today, NASA uses the DIC technology for structures and materials testing. It's used by Proctor and Gamble to assess the effectiveness of their anti-wrinkle creams. The U.S. Army uses it to make its equipment more resistant to the shock of explosions. It's helping increase railway safety, the effectiveness of bridge inspections, and the reliability of manufacturing standards.