Investors may be left high and dry

SHOCK: CHOICE LIFESTYLE CHANGE DIRECTOR’S DEATH MEANS THEY MAY NOT HAVE ACCESS TO THEIR MONEY

The sudden death of Choice Lifestyle Change director Maarten Stapelberg has resulted in uncertainty among investors.

Fellow director says no payments could be made ‘until further notice’.

Maarten Stapelberg, the director of controversial bridging finance scheme Choice Lifestyle Change, passed away in Gansbaai over the weekend. The Gansbaai police detective branch confirmed that the post-mortem showed Stapelberg had died of an overdose.

Choice Lifestyle is under investigation by the SA Reserve Bank for possible contraventions of the Banks Act. The Financial Services Board had also issued a warning to investors to “act with caution” when dealing with the business.

The scheme has been offering members returns of up to 15% per month. In an interview with Moneyweb earlier this year, Stapelberg claimed it was able to do this by acting as a platform that connected investors with people in need of financial guarantees.

He did not, however, explain how this interest was generated or how it could even be charged when the legal maximum interest rate on short-term transactions is 5% per month.

Stapelberg’s death appears to have left investors without access to their money, just days before Christmas. Moneyweb has been told that members were expecting an “interest payment” on December 15 or 16, but did not receive it.

Instead, in a letter to all Choice Lifestyle members sent on December 16, director Wouter Botha informed them of Stapelberg’s passing and noted that no payments could be made “until further notice”. Botha’s full message reads: “Good day all Choice members, It is with a very very heavy heart that we have to share the shocking news of the passing of Mr Maarten Stapelberg earlier. The cause of His death is not yet known as the whole family are still in great shock and without words. Please let us concider (sic) them during this time of sorrow and confusion. Our deapest (sic) and sincerest condolences to his loved once (sic) and these close to him. A request has been forwarded to me regarding the current participation of 15 December 2017, that all partaking must stop till further notice. Please dont (sic) make any further deposits to the Choice account until we are advised regarding the continuation of opportunities.

As soos (sic) as we have more information regarding the current situation we will forward a newsletter to you all. Based on banking procedures during a ceased (sic) person, no refunds or payments can be made from the Choice account till further notice. We also ask that you will not rush to the office since I am awaiting news and are not able to share anything more than I have answers for.

Please let us all continue in prayer and faith. Afterall (sic), our trust is in God alone. Kindest regards, Wouter Botha”