The FSCA has set aside the fine of more than R216 million and the 10-year debarment it imposed on Coenraad “Coenie” Botha (pictured) earlier this year.
The Authority identified Botha (full name: Coenraad Barend Nolte Botha) as the director of CBI X SA (Pty) Ltd and the founder of Coin Based Innovation Global, also known as CBI Association.
Botha, through the CBI entities, solicited investments from the public by promising unrealistic returns of 1% to 4% a week, the FSCA said in a statement on 28 March.
In a statement in March, the FSCA said an investigation by the Authority found there was no legitimate financial product or investment activity that generated the purported returns paid to investors by Botha and the CBI entities.
The FSCA found that Botha, CBI X SA, and CBI Association contravened section 11(1) of the Banks Act from 19 March 2019 to 6 January 2022.
Section 11(1) probits a person from conducting the business of a bank unless such person is a public company and is registered as a bank in terms of the Act.
Read: CBI director fined R216 million and debarred for 10 years
But in terms of an agreement between the parties, the FSCA has agreed to set aside its decision to fine Botha R216 051 141 and debar him. The agreement was published by the Financial Services Tribunal as a consent order on 7 October,
The order said the matter has been remitted to the Authority for further consideration.
No further details of the agreement were disclosed.
The FSCA’s Regulatory Actions report flagged the R216m on Botha has among the three biggest fines it imposed on individuals in 2023/24. The other two were the R475m fine imposed on the late Markus Jooste and the R143m fine on Classic Financial Services One’s Jacobus Geldenhuis.
FSCA needs to fully state why it took this action. Does crime pay?
Agree wholeheartedly. They must pay fir their crimes. Not reach agreements / settlements under tables. Expropriate everything he owns
The man is innocent and they finally came to that conclusion. True CBI Members have known this all the time!!!
Because he is innocent. CBI members know that.
What happened to Cobus Geldenhuis ś
Case.
https://www.moonstone.co.za/delay-in-classic-financial-services-investigation-investors-demand-answers/
They need to go for the forex bru’s next!! Fine them millions
Watch out on Facebook/Instagram for the fake lenders they let the people apply Ur loan is approved pay in 500 600 or 1000 island the people don’t get the loans pls pls look for those scammers don’t mention my name pls
I resigned on my previous job in April 2024, September I received a notice of Intention to Debar me. I was told no client complained or whatever,they told me that after I have left they did their internal investigation on all branches within the company and all that. I was shocked to hear that and I was told that I can’t have a legal representative on their hearing,they said I only have the right to get an internal representative front their company. What I don’t understand is that I don’t have relationship with them anymore,but they are treating me as if am still part of them. I don’t have any clue about Debarment process,I need clarity on how things word regarding few thing I have pointed.
FSCA fails to hold Big Financial Services providers accountable for failing to abide by the Rule of Law as per FSP code of conduct. They always report that the complaint is of a contractual nature. FSCA & other regulators are protecting Big Financial service providers at the expense of the investor who lose their investments because of these Big Financial service providers failure to follow the rule of law. To get the Financial Services Tribunal to investigate regulators is imposable. They have many red tapes preventing the common man to lodge a complaint.
There must be a regulatory body for these “investment platforms ” that promises unrealistic returns. One such is Star Horizon logistics/investment,that claims to be registered with the fsb.They have now disappeared,leaving the poor poorer.