The outlook for creditors hoping to recover their dues from the liquidated Classic Financial Services One seems grim. According to the preliminary findings of the section 402 report, the company faces a significant shortfall, with its liabilities far outweighing its assets.
Cobus Geldenhuis, director of Classic, was debarred in 2009 for dishonesty but continued his business through Classic.
On 22 August 2022, Nico Retief filed a complaint with the FSCA, accusing Geldenhuis of soliciting investments from the public. An investigation found that Geldenhuis operated a Ponzi scheme, misusing clients’ funds for personal gain.
The FSCA’s report, released on 22 May 2023, found that between January 2019 and May 2023, Classic received more…
