New Economic Rights Alliance???The Big Case?

[ScottyC]

Now THIS is a very very good point. The SPV that trades the debt on the JSE or bond markets carries insurance in case of a default (you may have heard of a Credit Default Swap). Therefore, if someone defaults on the loan, insurance covers this. Therefore, the SPV gets paid out, the bank have been paid out so where does the money go after an auction takes place? This is the basis of our upcoming class action against the banks. Again I urge you to listen here: http://downloads.newera.org.za/Ray .

[ScottyC]

Good point again. The point is this - did the bank state up front what it's true role in the relationship with the customer is? The answer is NO. They did not disclose that they were acting as agent, third party collector, etc. and thus the fiduciary between them and their customer was broken.

[Dave A]

Now THIS is a very very good point. The SPV that trades the debt on the JSE or bond markets carries insurance in case of a default (you may have heard of a Credit Default Swap). Therefore, if someone defaults on the loan, insurance covers this. Therefore, the SPV gets paid out, the bank have been paid out so where does the money go after an auction takes place? This is the basis of our upcoming class action against the banks. Again I urge you to listen here: http://downloads.newera.org.za/Ray .

I suggest any recoveries should go back to the insurance company.

Can you confirm absolutely that the South African SPV's are insured against debtor default? I know this is the case in the USA, but as stated earlier my understanding is the USA has a significantly different property mortgage regime.

[Citizen X]

Ok, to reply to your questions:

1. Correct! Our case action in the High Court (see www.thebigcase.co.za) is a Consitutional action! Case number 27478/12. The papers are available on the site and an update is coming out soon. Futhermore, for a full response to your questions, real the latest post on www.newera.org.za. That will take you to a link at http://downloads.newera.org.za/Ray which will allow you to download and listen to a series of interviews with our legal advisors. He goes into common law, case law, etc. and referenced SA banking as it relates to South Africa. Once you have been through these interviews, and the posts on our website, court papers and watched my free series of videos called "The Dark Secrets of Money (and what we can do about it)" you will fully understand!

Kind regards,

Scott

Many thanks indeed Sir! Nothing ventured, nothing gained! I am personally all for the little guy, the average Joe taking on the Corporate giants when they infringe our rights. I merely curious as to how this matter will eventually pan out i.e what the final outcome actually be? I suppose we'll just have to wait and see how it turns out...

[Citizen X]

Hi there, I have been asked by the Moderator to respond to questions. Please Google "the new economic rights alliance" and you will see many news items both locally and around the world come up.

The NPO is duly registered which you can confirm with CIPRO.

Thank you,

Scott

Dear Scotty,
I don't doubt at all that you are duly registered. It’s noteworthy that we often refer to 'a section 21 company,' true to an extent; it should be a former section 21 registered company. I’m aware that all companies that registred as a certain form of ownership will retain their original registration. The only reason I raised this, is because I still hear , especially on radio stations, people referring to current non profit companies as section 21 companies. This only causes confusion from a practical perspective as section 21 of the repealed companies act of 1973 states“21. Incorporation of associations not for gain.

(1) Any association-
(a) formed or to be formed for any lawful purpose;
(b) having the main object of promoting religion, arts, sciences, education, charity, recreation, or any other cultural or social activity or communal or group interests;
(c) which intends to apply its profits (if any) or other income in
promoting its said main object;
(d) which prohibits the payment of any dividend to its members;
and
(e) which complies with the requirements of this section in respect to its formation and registration, may be incorporated as a company limited by guarantee.
(2) The memorandum of such association shall comply with the requirements of this Act and shall, in addition, contain the following provisions:
(a) The income and property of the association whence soever derived shall be applied solely towards the promotion of its main object, and no portion thereof shall be paid or transferred, directly or indirectly, by way of dividend, bonus, or otherwise howsoever, to the members of the association or to its holding
company or subsidiary: Provided that nothing herein contained shall prevent the payment in good faith of reasonable remuneration to any officer or servant of the association or to any member thereof in return for any services actually rendered to the association.
(b) Upon its winding-up, deregistration or dissolution the assets of the association remaining after the satisfaction of all its liabilities shall be given or transferred to some other association or institution or associations or institutions having objects similar to its main object, to be determined by the
members of the association at or before the time of its dissolution or, failing such determination, by the Court.
(3) The provisions of section 49 (1) (c) of this Act shall not apply to any
such association.
(4) Existing associations incorporated under section 21 of the repealed Act shall be deemed to have been formed and incorporated under this section.”


BUT

Section 21 of the new Companies Act 71 of 2005 as amended states:-


“21. Pre-incorporation contracts

(1) A person may enter into a written agreement in the name of, or purport to act in the name of, or on behalf of, an entity that is contemplated to be incorporated in terms of this Act, but does not yet exist at the time.
(2) A person who does anything contemplated in subsection (1) is jointly and severally liable with any other such person for liabilities created as provided for in the pre-incorporation contract while so acting, if-
(a) the contemplated entity is not subsequently incorporated; or
(b) after being incorporated, the company rejects any part of such an agreement or action.
(3) If, after its incorporation, a company enters into an agreement on the same terms as, or in substitution for, an agreement contemplated in subsection (1), the liability of a person under subsection (2) in respect of the substituted agreement is discharged.
(4) Within three months after the date on which a company was incorporated the board of that company may completely, partially or conditionally ratify or reject any pre-incorporation contract or other action purported to have been made or done in its name or on its behalf, as contemplated in subsection (1).
(5) If, within three months after the date on which a company was incorporated, the board has neither ratified nor rejected a particular pre-incorporation contract, or other action purported to have been made or done in the name of the company, or on its behalf, as contemplated in subsection (1), the company will be regarded to have ratified that agreement or action.
(6) To the extent that a pre-incorporation contract or action has been ratified or regarded to have been ratified in terms of subsection (5)-
(a) the agreement is as enforceable against the company as if the company had been a party to the agreement when it was made; and
(b) the liability of a person under subsection (2) in respect of the ratified agreement or action is discharged.
(7) If a company rejects an agreement or action contemplated in subsection (1), a person who bears any liability in terms of subsection (2) for that rejected agreement or action may assert a claim against the company for any benefit it has received, or is entitled to receive, in terms of the agreement or action.”
As a member of the public though, I would like to enquire as to why it’s necessary to pay a subscription fee to your company for receiving newsletters, updates etc? Shouldn’t they donate as and whenever they want to as opposed to been debited every month? Just a question, that’s all!

Alot of people still believe, based on what they currently say, that going forward, all non profit companies are section 21 companies, as mentioned, this won't apply to you as you registred under the old act before the new act came into being, but according to the new act, a non profit company is no longer a section 21 company simply becuase section 21 states something completed different....food for thought really!

[Citizen X]

I suggest any recoveries should go back to the insurance company.

Can you confirm absolutely that the South African SPV's are insured against debtor default? I know this is the case in the USA, but as stated earlier my understanding is the USA has a significantly different property mortgage regime.

International law in South Africa is currently mostly important becuase the South African Law Reform Commission does look at International Law and norms when making recommendations but no presiding officer such as a judge or magistrate is obligated to take cognisance of any international law when making a ruling, they will lokk at Legislation, caselaw, common law and Custom law. They will see university textbooks and international law merely as persuasive i.e. makes a good point or argument but doesn't necessarily have to be considered whatsoever. This discretion is exercise judicially. The Constitutional Court will strictly and only look at Constitutional issues. So the question they'll ask and the question that I now ask is what Constitutional issue based on the Constitution of 1996 is now called in question in this particular case? And, is this case still pending? Has it been dismissed? Was an appeal lodged and if so then on what grounds?

[ScottyC]

Yes, we can. Our legal advisor has completed this reserach recently. It gets complicated due to the fact that it involves the securities act and other statutotry regulations the govern the JSE and other bond markets. We will be putting a detailed document on this which will be released soon, hopefully this week. Sleepless nights this side - a lot of strain being taken.

[ScottyC]

Fair and valid points!

[ScottyC]

Yes! You are correct, but this is a long question to answer. I will try be brief.

The original Constitutional Court case was not NewERA, it was Michael Tellinger. This was dismissed before he even got in the door. This court case is taken by the NPO / NPC which is a s172 Constitutional application to the Hight Court (s172 allows the High Court to hear matters of Constitutionality). If we get a certification, this will almost certainly end up in the Constitutional Court. I just uploaded new audio files today of us discussing the case while we were doing the documents - check out http://downloads.newera.org.za/Ray/Case_Discussion/. This explains our court papers in detail.

Since we filed, we have now all the proof that anyone could want that securitisation is a stuff up made by the banks, and literally a huge chunk of the SA loan proportion has been set-off and the banks cannot lawfully claim. To say this is big, is an understatement. In fact, it is so big that very few people believe it. It is true.

I am about to upload a new post about something new too.. Michael Deurr, shareholder of the SARB is blowing the lid with a documentary he commissioned about fraud at the SARB. WOW!

International law in South Africa is currently mostly important becuase the South African Law Reform Commission does look at International Law and norms when making recommendations but no presiding officer such as a judge or magistrate is obligated to take cognisance of any international law when making a ruling, they will lokk at Legislation, caselaw, common law and Custom law. They will see university textbooks and international law merely as persuasive i.e. makes a good point or argument but doesn't necessarily have to be considered whatsoever. This discretion is exercise judicially. The Constitutional Court will strictly and only look at Constitutional issues. So the question they'll ask and the question that I now ask is what Constitutional issue based on the Constitution of 1996 is now called in question in this particular case? And, is this case still pending? Has it been dismissed? Was an appeal lodged and if so then on what grounds?

[Citizen X]

Yes! You are correct, but this is a long question to answer. I will try be brief.

The original Constitutional Court case was not NewERA, it was Michael Tellinger. This was dismissed before he even got in the door. This court case is taken by the NPO / NPC which is a s172 Constitutional application to the Hight Court (s172 allows the High Court to hear matters of Constitutionality). If we get a certification, this will almost certainly end up in the Constitutional Court. I just uploaded new audio files today of us discussing the case while we were doing the documents - check out http://downloads.newera.org.za/Ray/Case_Discussion/. This explains our court papers in detail.

Since we filed, we have now all the proof that anyone could want that securitisation is a stuff up made by the banks, and literally a huge chunk of the SA loan proportion has been set-off and the banks cannot lawfully claim. To say this is big, is an understatement. In fact, it is so big that very few people believe it. It is true.

I am about to upload a new post about something new too.. Michael Deurr, shareholder of the SARB is blowing the lid with a documentary he commissioned about fraud at the SARB. WOW!

Hi Scotty,

I would like to thank you very much indeed for being so forthcoming! I acknowledge that not all aspects of litigation can be freely divulged as the other party would then have access to the details of your strategy! Personally I'm for epic David versus Goliath battles, I'm for the small guy, I'm for the grassroots man. I've never been for corporate South Africa, I will never be for corporate South Africa!
I wish you guys well!
Vanash

[sterne.law@gmail.com]

Criminal: Police linked to ‘organised hit’ on bank investigation lawyer
A legal adviser working on an investigation into SA banks was robbed at gunpoint at the weekend and his files were stolen with what appears to be the help of police, says a report in The Mercury. But unbeknown to the group of at least 12 robbers, their entire escapade was caught on cameras hidden around the property. The footage shows what appears to be three police cars driving up and down the 600m street while the robbery takes place. The report notes Raymondt Dicks was home with his son and friend in Midrand on Saturday night when six armed men stormed into the house. Dicks is the legal adviser to the group NewERA (New Economic Rights Alliance) which has launched a court case against the four major banks and the SA Reserve Bank. He is also representing author Michael Tellinger, who is suing Standard Bank for civil fraud. The footage of the robbery, Dicks said, showed police vans blocking the road while the robbers entered his property. It showed the men carefully going through the house for three hours and 20 minutes. Dicks said his files were meticulously gone through. Only two – relating to the NewERA and Tellinger cases – were missing. Constable Matome Tlamela, of the Midrand police station, reportedly said a case of armed robbery was being investigated.

[IanF]

Anthony
That is scary stuff. But will this be investigated

[Citizen X]

Criminal: Police linked to ‘organised hit’ on bank investigation lawyer
A legal adviser working on an investigation into SA banks was robbed at gunpoint at the weekend and his files were stolen with what appears to be the help of police, says a report in The Mercury. But unbeknown to the group of at least 12 robbers, their entire escapade was caught on cameras hidden around the property. The footage shows what appears to be three police cars driving up and down the 600m street while the robbery takes place. The report notes Raymondt Dicks was home with his son and friend in Midrand on Saturday night when six armed men stormed into the house. Dicks is the legal adviser to the group NewERA (New Economic Rights Alliance) which has launched a court case against the four major banks and the SA Reserve Bank. He is also representing author Michael Tellinger, who is suing Standard Bank for civil fraud. The footage of the robbery, Dicks said, showed police vans blocking the road while the robbers entered his property. It showed the men carefully going through the house for three hours and 20 minutes. Dicks said his files were meticulously gone through. Only two – relating to the NewERA and Tellinger cases – were missing. Constable Matome Tlamela, of the Midrand police station, reportedly said a case of armed robbery was being investigated.

Good afternoon Anthony,
Your post sends chills through my spine! It seems that the good guys are incessantly oppressed, subjugated and silenced!

[Blurock]

So is there more to it than meets the eye?

[Citizen X]

So is there more to it than meets the eye?

It seems that way Blurock.