|
|
|
|
|
|
| ||||
Tread carefully in Jekyll and Hyde world... Profiting from sanity in a world of vani... Flick the on switch with the right softw... Investors shy away from offshore option... UNIT TRUSTS:Guardbank Stability Fun... Share certificates as we know them may ... Buy a home at 5% interest? Anything's po... Mistresses of big business explain how t... Invest in variety to supplement your inc... |
CASHBOX
NEWPORT ALERT The Newport "get-rich-quick" scheme has been found by the Business Practices Committee to be harmful and unreasonably prejudicial to the consumer. The pyramid scheme has consequently been declared illegal by the government and a notice has been published in the Government Gazette. Trade and Industry Minister Alec Erwin announced on Friday that Newport had to cease all business activity in terms of the Harmful Business Practices Act of 1988. This makes it illegal for any person to invite another to participate in the Newport scheme. Newport responded by describing the announcement as "misleading and inaccurate", and threatened legal action. The company says the notice was issued by the minister without affording Newport a hearing and without stating reasons. Newport accused the minister of having placed at risk the investment of numerous members through his actions. In March this year the registrar of banks instituted legal action against Newport, but failed to close the company down when the Pretoria High Court ruled that the company had not contravened the Banks Act. It was then placed under investigation by the Business Practices Committee.
VISIT OUR SITE The Business Times website is on www.btimes.co.za. Click on the BT Money icon and access today's stories. Click on the Money Guides icon for some useful cash management tools.
|