Sharemax charged with contravening Banks Act

About 40 000 investors invested about R4,5-billion in Sharemax's various property syndications. The Serious Economic Offences Unit at the Directorate for Priority Crime Investigations, the Hawks, is investigating the alleged contraventions.

Michael Blackbeard, the deputy registrar of banks at the Reserve Bank says the statutory managers appointed to manage Sharemax's affairs found the funding models used for syndications might have contravened the Banks Act.

Sharemax has consistently denied the allegations.

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