Nova Property Group, the rescue vehicle of the failed R4.6 billion Sharemax property syndication scheme, is insolvent.
Nova’s annual financial statements (AFS) for the year ending February 2024 reveal a company in severe financial distress, with mounting debt, unpaid taxes and severe cash flow constraints. It is also clear that Nova cannot repay the former Sharemax investors – who have become debenture holders in Nova – in the foreseeable future, if ever.
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Despite this, Nova’s board, under the leadership of chair Connie Myburgh and CEO Dominique Haese, insists that the company remains in a “sound financial position” and is capable of continuing as a going…
