RE: Sharemax Yet Another South African Financial Fail
Dear @chekohler ,
I remember South Africa as the most developed country in Africa. However, if the situation in South Africa was like that, I imagined that the economic situation in the rest of Africa would be worse.
One of the companies benefitting from this risk on attitude was Sharemax, which operated between 1999 and August 2010. The glossy brochures of unbeatable returns were pushed on the public by advisers who peddled the investments and enjoyed handsome commissions. They didn't care to whom they sold, nor did they pay any attention to the risks involved.
As reality does, it eventually reveals the truth with time and the scheme collapsed taking with it 18 600 investors who collectively invested R4.6 billion of their savings and pensions.
R4.6 billion means 4.6 billion rupees?
The rupee is remembered as the monetary unit of India.