MONEYWEB 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.