Unstable bridge to Niflas millions
Ilse Schoonraad
The co-liquidator of the Niflas Silhouette Platform (NFS), Danie Acker, who is trying to recover as much as possible of the R150-million invested in NFS, says in total 15,7 cent in the rand has been paid out to creditors. This means that a creditor with a claim of R100 000 against the estate, would have received a total of R15 711,26 from three liquidation and distribution accounts to date. The money was recovered from debtors and selling various Niflas properties and properties of Niflas-related companies on auction.
Acker, from Rauch Gertenbach Attorneys, says they hope to pay out another small dividend by the end of October.
NSF, a George-based investment platform, was placed in liquidation in 2015 after micro lender Bridge entered business rescue proceedings in 2014. About R62-million of the NSF investors' money was invested in Bridge while the rest was invested in lowincome properties and businesses.
Most of the approximately 300 NSF investors are elderly and many had to move in with their children or friends as they had invested their life savings in NFS.
In 2015, Bridge creditors voted in favour of a revised business plan to restructure debentures into ordinary shares, but those against the plan have since applied for the liquidation of Bridge. This process has been dragging on since May 2017 when the case was heard in the North Gauteng High Court, frustrating creditors who believe their Bridge shares will never be worth much. Judgement is expected on 20 August.
Replying to queries from shareholders regarding the value of Bridge shares, Bridge CEO Ryneveld van der Horst replied via circular that the company cannot place a value on the shares, but that the value should not be regarded as more than R0,01 per share.
He said the company is defending the legal action to place Bridge under liquidation. "Given the history and the current legislative restriction on creating an acceptable platform to trade such securities, there is no prospect of establishing if there are any buyers for such securities," the circular dated 6 April reads.
Acker, who is also in favour of the liquidation of Bridge, says the interrogation of all the Niflas-affiliated parties has been concluded. "The forensic report compiled by law firm ENSafrica is expected any day now. Through the planned sequestration of various Niflas-related individuals, we hope to uncover other assets that can be sold to the benefit of creditors."