Older Persons Act, 2006
R 385
Report 73 Business Practices Committee16. Recommendation |
Whether the business practices of Nicolaas Hermanus van der Dussen (ID 570522 5056 08 3) were devised or whether it came about by accident, they constitute harmful business practices. There are no grounds justifying the practices in the public interest. It is accordingly recommended that the Minister:
| a) | in terms of section 12(1)(b) of the Act declares unlawful the business practice whereby Nicolaas Hermanus van der Dussen, directly or indirectly, |
| i) | invites any persons to advance loans or take up shares in any business in which he has a direct or indirect interest, and/or |
| ii) | receives investment funds from any persons for management or re-investment of such funds on behalf of the investor; and/or |
| iii) | offers clients or investors a "buy- back guaranteee" of monies invested by them; and/or |
| iv) | pays interest to previous investors from monies obtained from more recent investors. |
However, it will not be unlawful should VdDussen issue shares in a company or accept loans for the company, when duly authorised to do so, for which a prospectus had been registered with the Registrar of Companies in terms of the Companies Act. These unlawful business practices excludes the selling of insurance policies and products in companies registered with the Financial Services Board or investments and other financial products in companies listed on the Johannesburg Stock Exchange.
| b) | in terms of section 12(1)(c) of the Act directs Nicolaas Hermanus van der Dussen to refrain from applying the harmful business practice. |
Louise A Tager
Chairman: Business Practices Committee
23 March 1999
