COMMUNIQUE OF THE FINANCIAL SERVICES COMMISSION

(Second Communiqué concerning Leaderguard Spot Forex )

 

Pursuant to a direction given by the Financial Services Commission on Wednesday 30^th March 2005, an application was made on 1 April 2005 to the Bankruptcy Division of the Supreme Court of Mauritius to put Leaderguard Spot Forex under judicial administration. The Court has granted the application and appointed Mr Ziyad Bundhun, Chartered Accountant, as Manager of the Company with immediate effect under section 188 of the Companies Act 1984. Mr Bundhun has agreed to the appointment.

 

The Court has ordered all present directors of the Company to cease to exercise all powers as directors. The Manager is to assume control on the assets, operations and accounts of the Company, and to protect its assets for the creditors and investing clients. He is required to report to the Court on the management of the Company.

 

The Manager has also been empowered to work in conjunction with Towergate S.A. (Pty), a firm of consultants based in South Africa, on a proposal for a compromise which is to be submitted to creditors and investing clients for their consideration. In the meantime, the Manager will continue to operate the open positions which the Company holds on a number of trades in the best interests of the investing clients.

 

Mr Ziyad Bundhun, may be contacted at the following address:

 

Suite 403  Jade Court,

Jummah Mosque Street

Port Louis

Tel: (230) 216 9570

Fax: (230) 216 9571

Email: ziyad.bundhun@mazars.mu

  

At the instance of the Commission, Messrs Jacobus Venter and Warren Luyt, who are the present directors of the Company, and Mr Renso du Plessis, the Risk Manager of the Company, have given an undertaking to the Court not to leave Mauritius without the authorisation of the Court. They have also pledged to provide all assistance and information to the Manager and to make themselves available to the Commission for the purpose of its investigation. Breach of an undertaking to the Court is tantamount to contempt of court and may render a guilty party liable to imprisonment.

 

Mr Stephanus Pretorius, another director of the Company, who is presently in South Africa, will be required to enter into a similar undertaking on his return to Mauritius.

 

As it was mentioned in its first Communiqué in relation to the Company, the Commission has taken a series of measures to protect the interests of the investing clients pending a referral of the matter to the Court. The Commission will continue to ensure that its directions are being complied with, while pursuing its investigation, cooperating as necessary with the concerned foreign regulatory authorities. The Commission expects to get the full support of all the service providers who were working with the Company.

 

Financial Services Commission

1^st April 2005