Friday 1 April Forex marketer in provisional liquidation.

One of the largest forex marketing companies Leaderguard Securities, which exclusively marketed foreign exchange investment products of Leaderguard Spot Forex, has been provisionally placed under liquidation following huge forex losses. Investors recruited by Leaderguard Securities gave a mandate directly to Leaderguard Spot Forex, a Mauritian-registered company.

From:

About 60 agents recruited investors in South Africa, Botswana and Swaziland. Against all expectations, Leaderguard Spot Forex suffered enormous losses on foreign markets. According to Fryer, Leaderguard Securities has 1 clients who lost about R million.

Leaderguard spot forex mauritius

Fryer says in her affidavit Leaderguard Securities is commercially and factually insolvent as its liabilities exceeds its assets by R2,4 million. The public is once again warned against dealing with any financial intermediary who is not licensed in terms of the Financial Advisory and Intermediary Services Act Act37 of or does not operate in terms of an exemption.

This warning by the Financial Services Board FSB follows the provisional liquidation of a forex company, Leaderguard Spot Forex Limited.

The return date for the provisional liquidation is 28 April.

In a statement the FSC said measures have been taken to protect the remaining assets of the Company in the interests of its investing clients and creditors, pending a full investigation into the circumstances of the loss.

Leaderguard Securities has filed for liquidation on 23rd March in South Africa. It may only operate those trading positions that are.

Leaderguard investors to sue KPMG

The Company has been ordered. Any director who fails to comply with the directions of the FSC commits a criminal offence under the Financial Services Development Act, and is liable on conviction to imprisonment.

The Commission will continue to probe the matter and liaise with the Financial Services Board of South Africa, and any other regulatory authority that might have an interest.

Hattingh cautions that investors must not sign away their rights when entering into any compromise.

Leaderguard: KPMG under fire

Telephone It may only operate those trading positions that are still pending so that the best interests of clients are protected. The Company has been ordered to submit all its decisions to the oversight of its independent director. Signatory authorities of executive directors are also subject to the concurrence of the independent director.