Signs scheme was struggling
E-MAILS: BE PATIENT, FUND MEMBERS TOLD
Choice Lifestyle Change director Stapelberg dies on December 15, leaving investors with no access to their money.
It seems controversial bridging finance scheme Choice Lifestyle Change ran into serious problems in paying its members in the weeks before director Maarten Stapelberg’s death towards the end of 2017. Writing to members on November 17, fellow director Wouter Botha said payments had to be delayed as Stapelberg was in hospital and was the only one with access to the bank accounts.
“… I will be flying down to Cape Town to see him and try to get the funds released …” It appears this round of payments was made but on December 2, members were again alerted to problems.
“Please take note that we have played (sic) our alloed (sic) quota for the day. The banks are experiencing problems with lines being damaged.” Four days later, Stapelberg again highlighted challenges with releasing funds to members.
On December 12 Botha e-mailed members to appeal for patience.
“It has been a tuff (sic) couple of weeks with Maarten falling sick and it being over two pay dates. The unfortunate part is that Maarten needs to personally go to the bank to do business, this is how it has been set up and this has how it has always been and deems as security as well. The time frame to release funds takes 48 hours which means if we are lucky, funds will be released by this evening late or most probably after 10 in the morning of the 13th.”
However, it appears no payments were made on December 13. On December 14, Botha claimed there’d been new payment issues.
“As you know the bank told us 48 hours or at least the 13th for release of funds. When it did not release, Maarten went to see the bank again only, to be told that they are waiting for a tax clearance certificate from Sars before releasing and for some reason there is a delay.
“Maarten then went to Sars to speed up the process and was told to come back today as they were done for the day. Maarten is therefor (sic) at Sars in Cape Town at 9 this morning and will not leave there until he has the clearance, which he will then take personally to the bank to release our funds.”
On the same day, Choice Lifestyle sent out a new list of “opportunities” for its members, offering higher than normal interest rates (15%). Members were offered 16% per month in most instances, and 17.5% for a select few opportunities called “money spinners”. Members were encouraged to deposit more funds to take advantage of these opportunities.
The next day, Botha told members payments still couldn’t be made. The following morning, members were told that Stapelberg had died.
Gansbaai police confirmed to Moneyweb that an inquest has been opened.