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FSB granted another Court interdict against Ledimar

22 October 2013 FSB

Further to the press release issued on 20 September 2013, the Registrar of Financial Services Providers wishes to advise that the South Gauteng High Court has granted a preservation order against Ledimar Investment Holdings CC. The application was brought by the National Directorate of Public Prosecutions, in terms of the Prevention of Organised Crime Act of 1998. In terms of the order, the funds in certain bank accounts belonging to Ledimar Investment Holdings CC have been preserved. This means that the funds have been frozen, and no one is permitted to deal with these funds, except in cases permitted by the order.

On 11 October 2013 the Court also granted an interdict in favour of the Executive Officer of the Financial Services Board, prohibiting Ledimar (including Ledimar Financial Services (Pty) Ltd; Ledimar Stock Trading (Pty) Ltd; Ledimar Investment Holdings CC and the Directors, namely Frank Dintwe Pilane and Mzwandile Reginald Qwadikazi) from:

• holding themselves out as financial services providers;

• advertising or receiving funds from members of the public; and

• using FSP No 44226.

The known addresses of Ledimar are:

• Sinosteel Plaza, level 7 Unit 7DI, 159 Rivonia Road, Sandton; and

• 1st Floor Corner House Building, 77 Commissioner Street, Johannesburg.

The FSB is also aware of branches of Ledimar in the following areas:

• Welkom;

• Klerksdorp;

• Rustenburg; and

• Mafikeng.

Furthermore, there is still a strong indication that these entities are conducting a "pyramid related scheme”, and members of the public are therefore warned not to hand over funds to these entities.

The FSB’s inspection into Ledimar’s affairs is on-going.