JUSTICE DELAYED IS JUSTICE DENIED

JUSTICE DELAYED IS JUSTICE DENIED
The South African Financial Services Board (FSB) and the South African Police.

Following the collapse of Leaderguard Securities in early 2005 the South African Financial Services Board launched its own investigation of the Leaderguard Group. (Do not however get carried away by the notion that the board itself were actively involved in the detective work.)

One of the big four auditing groups Ernst and Young were commissioned to investigate and report on Leaderguard marketing and trading. Ernst and Young have evidently claimed to have submitted their final report in March 2006. (Two years ago). To date our investor group have yet to see a copy. And this despite enquiries.

When questioned officials of the South African FSB have asserted that the Ernst and Young report was submitted to the National Prosecuting Authority (A police body, sometimes loosely referred to as “the scorpions”) in order to lay charges against what we consider to be the “Fraudulent Directors” of Leaderguard.

However, the victims of the fraud – the duped brokers and investors - have as yet to be informed:-
whether or not this report has been received by the National Prosecuting Authority,
whether or not charges have been laid,
and whether or not the Financial Services Board has enquired about action on the part of the Authority.
What brokers and investors however do know, for a certainty, is that,
the police know who the Leaderguard Directors are, and also
know exactly where they are now.
And finally the victims of the Leaderguard scam also know
that all of these thieves are alive and well and flourishing “free” citizens of South Africa.

Had these fellows broken into a large South African Bank and stolen 350 Million Rand, we can be sure that, within days the police would have had them by the heels and within weeks, sentenced and imprisoned.

The white collar fraudulent theft of 350 Million Rand by South Africans (and upon mostly South Africans) is obviously another matter. Three years have passed. And all that has happened, is that two and a half years ago, these South African robbers were fined (in Mauritius) at 2 cents USD for every dollar stolen.

Three years have gone by and the South African police have yet to make a single “Leaderguard related” arrest.

Justice delayed is justice denied. And this old legal maxim is particularly valid where those charged have repeatedly admitted their guilt.