More Great Success for the SA FSB

The South African Financial Services Board is breaking new records all the time to protect the poor investor. Having first originated from small beginnings as 825 salaried clerks earning maybe as much as R500 per month in 1990 it has since grown into a Colossus of efficiency.

They grabbed the opportunities given to them and created more, privatized the place and moved into their own brand new plush air-conditioned palace of grandeur on one of the Hills overlooking the Capital City and set about to prove that they are in business.

They drew the very cream of the crop to grow into a staff of several thousand experts on every operation in finance, drawing salaries where R 20 000 per month is for the beginners level; senior executives soon broke the million a year barricade in addition to lucrative private speaking fees to Investor Clubs and participating operators in the Industry.

Look what they just discovered.

To crown it all I am given to understand that they are about to reveal and pull the plug on old mysteries that have intrigued the Nation for years. I shall merely mention the names that I have personal knowledge of but they will, of that I am sure, nail the crooked dealers in no time now that the dust has settled on the J Arthur Brown case.

1. The TMA Insider Trading Complaint lodged 1998.

2. The Fedsure acquisition of TMA as a fully owned Fedsure Operator.

3. Fedsure’s unauthorized exposure and hence full control over TMA and Saambou by end 2000 that finally led to the collapse of Saambou and Fedsure by 2002 while TMA succumbed to new owners Investec, with all the bits and pieces that remained of Fedsure and Saambou shared across the spectrum.

4. The Great Alexander Forbes Mystery Millions. This was first exposed by a small dissatisfied pension Fund Member but soon broke into a rush when a few more visited the holy soil and the modern offices of the conglomerate. AF started paying millions and must still finalize all the claims but I am sure our FSB will attend to the lack of enthusiasm displayed by greed and AF hard nuts.

5. Then there is of course the Great Sanlam Pensioners Medical Aid. Why it should have taken 15 years to get to court and why the court proceedings took place behind closed doors may soon expose the open sewage. The last I heard about the matter was early in 2011 when the Cape Supreme Court in a closed session ordered Sanlam to pay, and to pay in full by instructing Sanlam to cooperate with the Medical Aid in the calculation of the Final Quantum for the Court to issue the final verdict and the corresponding order for Sanlam to pay up.

6. Following on that I hope the FSB will be free to start looking at what was first the “bundling of companies” under control from Bellville Western Cape by 1988 or thereabouts, that followed by a veritable rush of “unbundling” in the 90’s and the evaporation of Pension Fund Excess Reserve Funds that accumulated during the “bundling period” resulting in huge amounts of Pension Fund Reserves acquired in the “bundling race” of the time.

The Court has decided on Brown. Perhaps the FSB was unduly upset about the long time it took; their Senior Manager was interviewed on a leading Radio Panel discussion that was broadcasted live about ten days before the Brown verdict. The FSB Speaker lamented about the time, about plea bargain processes but at the end expressed the sure opinion that they “now had their man” and confidently predicted at least 15 years behind bars for Brown. When the Court decided otherwise another FSB stalwart challenged Brown to a duel and threatened that it will be different when Mister Brown faces the FSB direct.

The jury is still to sit on Walker; perhaps the eager for justice FNB prattler as mentioned in the Link of the previous paragraph should rein in his enthusiasm to rid the South African Society of crime by attending to paragraphs 1 through 6 above.

Alternatively, why do I get the feeling that it may be time for a forensic investigation into the FSB; it would go a long way towards removing my doubts and those of the general investing public if we could find out Who the FSB Executives work for; who are their Masters; who Funds them and who hand them their mandates.. I am known for satire but I would consider changing my mind following an FSB forensic investigation by an independent body, say [i.e.] the Radio, Fin24 or even someone directly appointed by Finance Minster Pravin Gordhan, reporting the findings direct to the Cabinet.

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