Active since Nov 2024
I highly recommend not putting your money here. Directors have changed their modus operandi and there have been running side-companies without FSCA registration, fleecing public out of millions of Rands, one of KZN. We have been begging for responses to emails, calls and meetings but they keep avoiding us. We did get one of the shareholders to try to get a response but the director made it into a big joke, basically saying that they're not interested and everyone is on their own. This is probably one of the top 5 largest Ponzi Schemes in the country. Do not be fooled by credentials such as CA and CFA. I strongly advise you to consider a more established and honest wealth management service provider.
This company is a rebrand after the failed "Ponzi Scheme." Millions of Rands squandered via property 'investments'. Also goes by the name MSIA. The accountants have failed to provide any financial statements over many years. Freehold properties belonging to investors have disappeared from entire portfolio. It can't be possible that by a miraculous coincidence a CA(SA) is no longer part of the company when things go downhill. It seems that the SAICA body and the CA(SA) accreditation body isn't an integral, honest and ethical body that it used to be.
I would very strongly advise people to strongly stay away as far as possible from this"wealth management" company. I haven't received any returns and neither have 200+ of us. Freehold properties that we partnered with as shareholders have been bonded and handed over to ABSA due to these guys unable to pay the bonds. After numerous emails via one of the shareholders, the directors rep**** to say that they're worried about their public image, with zero response to our payments. They gave sarcastic answers. It seems SAICA takes all and sundry as chartered accountants, please exercise caution
My plea to you is to avoid this company if you want your money safe. This company is not a safe place to put your money in. I have requested Ebrahim S Moola many a times to come to the table and discuss but he keeps on running away from the table. There is a case carrying on at high court level against these guys who cheated hundreds of people. Ebrahim S Moola claims not to be involved in Acqumen Holdings and Black Stone Capital, yet the paper trail shows something different. There are older more established players in the game, please avoid fly-by-nights. Till today they haven't produced financial statements that we have requested.
Trying to get hold of directors Mahomed Amod, Suleman Moola (Netcare), Junaid Salejee, Ebrahim S Moola (Bobat's Wealth) who took off with our monies. over R200 million of syndicated properties taken and bonded without shareholder consent. Cannot get hold of shareholders. Ongoing high court case and FSCA case.
Bobat Wealth Solution may look clear above board. However, they set up a a company called Acqumen Holdings to hoodwink 200+ investors into their property scheme and then took freehold properties and then bonded them, thereby losing all properties. The company they used was not FSCA registered, so they knew very well what they were doing. Directors are all currently uncontactable. Ongoing FSCA and High court cases are going on.
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