MONEYWEB
‘In the way it was constructed, there was always value.’ 00:01
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Weavind & Weavind director Eckaard Le Roux, the attorney for Sharemax, has refuted suggestions that the property syndication company was a Ponzi or pyramid scheme.
Giving evidence during an Independent Regulatory Board for Auditors (Irba) disciplinary hearing against the former auditors of Sharemax this week, Le Roux said media reports claimed that what Sharemax was doing was in contravention of the Banks Act.
âIt was unlawful, it was illegal. Some reports even went as far as saying it was a Ponzi scheme. I donât think [that] is correct.