Following the Laudium Sun article two weeks ago, (Feb 28) concerning the fallen controversial so called Shariah investment company, Al Mabroor Agri, there have been new developments.
A number of residents from the Laudium area, have since come forward, expressing their disgust with the alleged ‘reckless manner’ the directors of Al Mabroor ran the company and blaming them for the fall of the company. All those who complained to the Laudium Sun were Muslims, three of whom were widows who invested all monies inherited from their late husband’s estates into the scheme. Many also stated that they trusted Al Mabroor at the time, as they believed it to be a company running strictly on Islamic ethics and principals. Al Mabroor is believed to have promised its about 10, 000 investors a quarterly return of about 15/16 %, with many independent investors the Laudium Sun spoke to, saying “smells like a Ponzi scheme” which is illegal and a criminal offence in South Africa. In a new development, the Laudium Sun has learned that one of the aggrieved investors forwarded the Laudium Sun article of Feb 28, to the specialised police unit, the HAWKS, who have now shown interest in investigating the manner in which the company was operating. The Hawks have now appointed Mahier Tayob of Tayfin Forensics to look into the scheme and see whether the directors or any of their associates were, amongst others, operating a Ponzi scheme. This follows the High Court in the Western Cape last month placing Al Mabroor under ‘Supervision’ and confirming the appointment of two interim BRPs, Zaheer Cassim and Sean Christenson, who were apparently in an agreement between Al Mabroor’s attorneys and Zaheera Hoosens attorneys (intervention party). Following a letter sent out on Feb 7 to its investors, concerning a moratorium on all pay outs to investors, Al Mabroor has now sent out a Q & A to its investors, confirming that the company is not profitable and that “it is not likely that all capital payments as well as profits will be paid out.” In response to a question whether it was compulsory for investors to attend the first meeting, strangely instead of encouraging investors to attend the first crucial meeting, (although not compulsory), whereby important decisions are made on behalf of the investors, like the BRPs being confirmed, the Q & A response was a cold, “no, it is not compulsory to join the first meeting of investors and creditors.”
Comments from Mahier
The Laudium Sun contacted Mahier for a comment on his appointment, and he responded as follows. “Pursuant to your exposé on Al Mabroor in the Laudium Sun, I can confirm that I have been appointed to assist the HAWKS to investigate the said entity (compendium). This is a significant step as the entity has no protection in terms of Section 133(1) of the Companies Act insofar as any criminal case against the Company, Directors or Officers are concerned. The Business Rescue Practitioners (interim or otherwise) are legally obliged to report to the appropriate authorities evidence of reckless trading, fraud or contraventions of any law relating to the company for further Investigation and possible prosecution. I can assure your readers that we will investigate every aspect and element of fraud. We are cognisant that widows and orphans are amongst the investors who are affected, and we will do everything to ensure that justice prevails. If our investigation reveals no impropriety, we will disclose our findings as such to the relevant authorities. It must be emphasised 0that at present, there is only speculation of fraud and impropriety, we are tasked to determine the Predication, consequentially, the results will determine the landscape of the Investigation. We further confirm that whistle-blowers have provided valuable information and we are trawling through vast documentation and information
received thus far. Investors are invited to contact us directly or through our email address forensic@taygro.co.za” to provide information and/or documentation that they consider relevant.”
The Laudium Sun also contacted some of the local investors concerning Mahier’s appointment by the HAWKS, all of whom welcomed the move and hoped that any illegal activities carried out by the directors of Al Mabroor would be exposed. One of the women, who is divorced and takes care of her ailing mother told the Laudium Sun, “Mahier has the expertise in forensic investigations and I am confident that he would thoroughly investigate whether there was any mismanagement or even fraud committed by the directors. The money I invested with Al Mabroor was the last of my savings, which I hoped would have given me a good monthly return and more so a halaal return. I am so disgusted by the turn of events of this company and I just hope that I will get my money back soon or else I will be in the street. If these directors did any wrong with our money, I just hope that they get the punishment they deserve, as many of us are right now having sleepless nights not knowing whether we will ever get our life savings back.”