Business Practices Committee Report 79

Metro Financial Services Ltd

Notice 3107 of 2000
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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 Consumer Affairs Committee in relation to an investigation of which notice was given in Notice 1024 of 2000 published in Government Gazette No. 21133 of 5 May 2000, which report was published in Notice 3106 in Government Gazette No. 21546 of 15 September, 2000, and being of the opinion that an unfair 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

 

In this notice, unless the context indicates otherwise -

 

"unfair business practice" means the business practice whereby the

i)parties, in the course of business, directly or indirectly invite any consumer (investor) to make any type of investment in any entity, unless the investor signs a document which clearly states that the investor received audited financial statements of that entity, as at a date not exceeding three months prior to the investor making the investment and
ii)party, in the course of business, accepts any investment from any consumer in any entity in his personal name and/or any investment in any entity which is credited to any of his personal accounts held at any financial institution.

 

"Audited financial statements" means a balance sheet, an income statement and a cash flow statement verified by a chartered accountant who Is registered with the Public Accountants and Auditors Board in terms of the Public Accountants’ and Auditors’ Act, No 80 of 1991.

 

"the parties" means Metro Cash Loans Ltd (99106083/06), Christo Holsthauzen (ID 701002 5254 089) and Zane Beswick, (ID 670920 5068 083).

 

"the party" means Christo Holsthauzen (ID 701002 5254 089).

 

 

1)The unfair business practice is hereby declared unlawful in respect of the party and the parties.
2)The party and parties are hereby directed to -
a)refrain from applying the unfair business practice;
b)cease to have any interest in a business or type of business which applies the unfair business practice or to derive any income therefrom; and
c)refrain from at any time applying the unfair business practice.
3)This notice shall come into operation upon the date of publication hereof.