Ovation investors to pay the curator's bill

[Dave A]

Ovation, a linked-investment services provider (Lisp), was put under curatorship after the Financial Services Board discovered that the owner, Angus Cruikshank, stole R216 million of investors' money.

John Levin, a co-curator of Ovation, says assets in the affected companies are now depleted and, in terms of the court order confirming the curatorship, the costs now have to be met by the investors. Ovation's higher-than-normal charges are a result of legal actions aimed at recovering the money stolen from investors and reconciling investor accounts for the first time in three years.
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[Ann Williams]

How do they do it!

With all the auditing that is supposed to be done for large companies, how on earth do we still get these types of situations...?

Whether it's pension funds or investment corporations, directors and trustees seem to be able to 'borrow' (all to often with no contracts or repayment agreements made) huge sums of money without other interested parties having any say or usually even any knowledge.

And it's not peanuts we're talking about here, or even enough to buy a house. In some cases it's enough to cripple the company!

Maybe it's time for some new legislation regarding loans to directors etc?

[SilverNodashi]

Sadly, when I needed my money which is invested in Ovation, I couldn't get it.....