01 August 2011 Investigation update from the Estate Agency Affairs Board

Monday, 01 August, 2011

The Estate Agency Affairs Board (EAAB) wishes to resolve any apparent residual uncertainties pertaining to its ongoing investigations into both the Wendy Machanik Property Holdings and Constantia Sectional Title Management matters. The EAAB is able to reassure stakeholders that it is, indeed, entirely satisfied that all aspects relating to these two particular cases are well under control.

Mr. Mervyn Swartz, the Court appointed Curator of Wendy Machanik Property Holdings recently indicated that he was presently finalising all aspects in relation to the trust accounts after which a final report would be compiled. The Liquidator is, similarly, continuing to wind up the affairs of the liquidated close corporation.

The return date of the rule nisi issued in respect of the CSTM matter is 2 August 2011. The matter has, accordingly, been enrolled for hearing before the South Gauteng High Court tomorrow when it is anticipated that the appointment of the Curator will be confirmed. The attorney acting for the EAAB has indicated that he has been informed by the liquidator of CSTM that the relief sought by the EAAB will not be opposed. The attorney acting for Mr. Quentin Brown, the erstwhile principal of CSTM, has also confirmed that Mr. Brown does not intend opposing the EAAB’s application.

Mr. Lawrence Moepi, the Court appointed Curator in the CSTM matter, is hopeful that he will be in a position to file a comprehensive report relating to this extremely complex matter by the end of November 2011. The EAAB is satisfied, therefore, that it has, in a responsible and fully accountable manner, duly performed the statutory functions entrusted to it in this respect.

The successful criminal prosecution of both of these matters now lies, of course, in the hands of the National Prosecuting Authority (NPA). The EAAB, while it will certainly do whatever may be required of it to expedite the finalisation of such prosecutions and render any such further advice and assistance as it can, wishes to emphasise that it reposes the maximum faith and confidence in the professional ability of the NPA in this respect.

The EAAB is satisfied that the NPA has, thus far, undertaken the necessary investigations into and prosecutions of these two cases in a skilled and competent manner. The EAAB believes that the NPA should be permitted the opportunity to proceed with the prosecutions in the manner that it deems necessary and required.  

ends/

 

For more information contact:

Marketing & Communications Dept
Estate Agency Affairs Board
Tel: 011 731 5600 or margie@eaab.org.za



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Investigation update from the Estate Agency Affairs Board
The Estate Agency Affairs Board (EAAB) wishes to resolve any apparent residual uncertainties pertaining to its ongoing investigations into both the Wendy Machanik Property Holdings and Constantia Sectional Title Management matters.
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