Status Capital in battle to fulfill its members’ obligations

By Phiwa Sikhondze

Status Capital Building Society (SCBS) says it will ensure that phased disbursements to maturing members as debentures are received.

This is according to a Public Statement issued by the Society following a Special General Meeting held on Monday, November 20th at Sibanesami Hotel, Ezulwini.

The Society revealed that the main purpose of the meeting was to update its members regarding the Society’s current setbacks, particularly those associated with the delayed payouts for maturing members. SCBS acknowledges that the issues arose due to unfulfilled agreements with previous investors and investment companies.

“The Society is committed to addressing this situation and has been driving discussion to retrieve these investments on behalf of members. Legal action has since been initiated against the relevant companies both locally and in the Republic of South Africa.”

The Society adds. “It is important to clarify that Dave Niekerk, Claude Scholtz, and Edwin Soonius no longer serve as directors of Status Capital Building Society since April 2022 and October 2020 respectively. Contrary to what has been reported in some media publications, Dave van Niekerk and Edwin Soonius are not major funders of Status Capital Building Society. Any attempt at association is, therefore, misleading and only serves to disrupt the remedial efforts of the Society. With this and other ongoing court process the Society is aware of that efforts will be made to disparage the Society’s name and advise that this be viewed with its intended malice.”

Following the Special General Meeting, the Society’s members have thus resolved on the following;

1. Continue legal action against former Directors and associated investment firms

2. Ensure phased disbursements to maturing members as debentures are received

3. Foster open and transparent communication between the organization and its members regarding Society matters.

The Society concludes by stating that despite the current challenges, the Society, with the help of its current Board of Directors’ remains committed and focused on delivering on its obligations to members. 

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