Report 73 Business Practices Committee

Officials of the Committee again met with VdDussen on 22 February 1999. During this short meeting the attention was focussed on the "syndicates" named Finansweb and Finweb. He explained that he received monies from people he was acquainted with and who invested in these "risk consortiums" which were managed by him. He said that he used part or all of these monies to pay the interest to previous investors. VdDussen explained that the investors were aware that it was "risk capital". The capital that was not paid to previous investors was employed in ".. . the process of development and finalisation of the model and a company that will provide financial services". VdDussen stressed that "... people invested in me and in the concepts I developed".

The amounts paid by investors were allegedly either paid into the trust account of an attorney or into an account held by RealityNet. On one occasion a certain amount was paid directly into the account of Mrs Herbst, a previous investor. VdDussen said that the funds paid into the RealityNet account were at a later stage transferred to a RRB account. When asked why the amounts were not paid into the RRB account in the first place, he said it was for practical reasons. He was told that it would have been more practical to have immediately paid the amounts into the RRB account rather than following the detour via RealityNet.

The officials learnt that a private meeting of investors took place on 23 January 1999. During the meeting on 22 February 1999 VdDussen undertook to furnish the Committee with documents about this meeting as well as documents relating to the consortiums. These documents were received on 23 February 1999 (the 23Feb99 documents).