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FSP wins against FSB

31 May 2006 Russel Michaels

The Financial Services Board today announced that the Board of Appeal established in terms of section 26(1) of the Financial Services Board Act, No. 97 of 1990, upheld Opportune Investments (Pty) Ltd (Opportune) appeal against the decision of the Registrar of Financial Services Providers (Registrar) to decline its licence to act as a financial services provider.

The Registrar had refused Opportunes application for a licence on the ground that the Registrar was not satisfied that Opportunes key individual, Christopher Logan, was a fit and proper person in that he lacked the necessary personal character requirements of honesty and integrity. This was mainly based on Logans involvement in the late 1980s and early 1990s in the commission of an extensive syndicated fraud committed on his employer whilst employed as a portfolio manager. Although this investigation resulted in various successful prosecutions, Logan received indemnity in exchange for testifying against his co-syndicate members.

However, on appeal, the Board of Appeal held that Logan had been reformed and should be granted a licence. In compliance with this decision, the Registrar of Financial Services Providers therefore granted Opportune a licence to act as a Category II financial services provider.

In addition, the Board of Appeal ordered Opportune to pay the cost of the appeal.

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