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Investors fleeced - now curators sue Absa and others
Fin24 reports that R1,15bn belonging to investors in Cash Managed Funds (CMF) and ten other companies has allegedly been blown by Corporate Money Managers (CMM), and that the curators of the company - and ten others - are trying to recover money for people who invested in CMF.
According to Fin24 reports, the curators served a summons for R1,1bn on Absa Group, saying it should have picked up the malpractice as it was a trustee of CMF. Individual summonses for the same amount were also issued to 21 people involved in managing CMM.
The curators claim that the money was invested in "dubious property transactions" rather than in money-market transactions. It says when things "started to go wrong" the losses were allegedly concealed by the issuing of promissory notes between the related companies. However, the curators say the promissory notes were worthless because the companies that issued them had no assets and the people who signed the promissory notes were aware of this, according to the Fin24 report.
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