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Report 73 Business Practices Committee

Notice 1150 Of 1999

 

 

Department of Trade and Industry

 

Consumer Affairs (Unfair Business Practices) Act, 1988

 

I, Alexander Erwin, Minister of Trade and Industry, after having considered a report by the Business Practices Committee in relation to an investigation of which notice was given in Notice 6 of 1999 published in Government Gazette No. 19660 of 8 January 1999, which report was published in Notice 1149 in Government Gazette No. 20187 of 10 June 1999, and being of the opinion that a harmful business practice exists which is not justified in the public interest, do hereby exercise my powers in terms of section 12(1)(b) and (c) of the Consumer Affairs (Unfair Business Practices) Act, 1988 (Act No. 71 of 1988), as set out in the Schedule.

 

 

A Erwin

Minister of Trade and Industry

 

 

Schedule

 

In this notice, unless the context indicates otherwise -

 

"harmful business practice" means the business practice whereby the party, directly or indirectly -

i) invites any persons to advance loans or take up shares in any business in which the party 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 guarantee" of monies invested by them; and/or
iv) pays interest to previous investors from monies obtained from more recent investors.

 

"the party" means Nicolaas Hermanus van der Dussen

 

1) The harmful business practice is hereby declared unlawful in respect of the party.

 

2) The party is hereby directed to -
a) refrain from applying the harmful business practice;
b) cease to have any interest in a business or type of business which applies the harmful business practice or to derive any income there from;
c) refrain from at any time applying the harmful business practice; and
d) refrain from at any time obtaining any interest in or deriving any income from a business or type of business applying the harmful business practice.

 

3) This notice shall come into operation upon the date of publication hereof.