Top 10 South Africa stories of 2017
By Tom Carnegie, 29 Dec 17
The establishment of new financial regulators and an overhaul of tax exemptions for expats were some of the top read stories by our South African audience in 2017. To see the others click through the slides.
In April International advisory firm deVere denied claims that it has been investing its South African clients’ money in offshore funds which have not been approved by the country’s regulator, blaming the “unfounded allegations” on a disgruntled former employee.
The denial followed the South Africa financial news feed Moneyweb accusing the firm of putting investors’ money in funds which had not been approved by The Financial Services Board (FSB) under section 65 of the Collective Investment Schemes Control Act (Cisca).
The publication, at the time, claimed to have seen deVere client documents which showed it had been using offshore funds including MitonOptimal’s Special Situations Fund and Strategic Growth Fund Plus, and GAM’s MPS Growth Strategy Fund and MPS Balanced Strategy Fund.
However, deVere spokesperson George Prior slammed the claims as “unsubstantiated”, blaming a disgruntled employee, who the firm is currently taking legal action against.
He also said the accusations were part of a smear campaign by former employees and rival firms looking to attack deVere’s operations in South Africa by “setting up fake sites and even creating fake client complaints”.
To read the full story click here.
