Judges Ratify Curatorship Application

Johannesburg. – Last year there were grounds to place the operations of Dynamic Wealth and some of its associate companies into curatorship.

The way in which the investments in its income portfolios were converted into preferential shares in Specialist Income Limited (SIL) alone constitute sufficient reason to grant the application for provisional curatorship.

This was the unanimous decision of five judges in the Supreme Court of Appeal last week.

In February 2010 the Financial Services Board (FSB) submitted an application to the North Gauteng High Court in Pretoria for Dynamic Wealth and some of the other companies to be placed into curatorship under its control.

This application, based on an FSB inspection report regarding the activities of Dynamic Wealth, was dismissed eight months later.