STANLIB Press Releases

STANLIB Press ReleasesWeek ending 6 August 2004

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Recent Press Coverage (rolling):

Business Day Not all upside when investing30 June 2004 in listed property

Business Day Company News Retail bonds attract R164m28 June 2004 from investors

Financial Mail STANLIB GLOBAL BRANDS 25 June 2004 Worth a closer look

Saturday Star Personal Finance Stanlib re-opens foreign 26 June 2004 equity fund

Saturday Star Personal Finance Recent events that give me 26 June 2004 hope…

City Vision Khayelitsha Ditikeni boosting its share24 June 2004 portfolio

Money Marketing STANLIB creates flexi fund31 May 2004 for fixed interest clients

Money Marketing Nasty surprise in 31 May 2004

SA Millionaire All action and no talk01 May2004

Rapport Geld Magazine Sorg dat jy ‘SKOON’ is27 June 2004

Die Sake Burger (KAAP) Ditikeni laat sy merk met 21 June 2004 transaksies

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STANLIB Press ReleasesWeek ending 6 August 2004

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STANLIB Press ReleasesAugust 2004

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Sake Burger (Kaap)


Business DayCompany News

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28 June 2004

30 June 2004


Financial MailMain

25 June 2004


Saturday Star Personal Finance

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26 June 2004

26 June 2004


City Vision Khayelitsha

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24 June 2004


Money MarketingMain

31 May 2004

31 May 2004

STANLIB Press ReleasesJuly 2004

SA MillionaireMain

1 May 2004



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27 June 2004


Die Sake Burger (Kaap)

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21 June 2004

30 June 2004Business DayCompany News

Not all upside when investing in listed property

Thorough research is vital before parting with money : know the company’s track record and management’s plans

LAST week an irate shareholder in listed property company Fairvest complained to the JSE Securities Exchange SA (JSE) that the company was a “disappointment and disaster”. In a letter to the JSE and Business Day, Alex Romer said : “Some investment experts tell us one cannot go wrong when investing in real estate, well, then they have clearly not had the privilege to invest in listed real estate share such as those of Fairvest.” This is not the first time a listed property company has come under fire from shareholders after a disastrous performance during a time when listed property is a top-performing sector on the JSE. The question many first-time property investors must be asking themselves is how they can avoid similar experiences. Romer was responding to an independent auditor report, included in the company’s 2003 annual report, which said about 4,9 million shares that Fairvest held in another property company, Bonatla Holdings, were “unaccounted for at September 2003.” Furthermore, a 50c distribution owed by Bonatla Holdings to its shareholders has not been accounted for. This means more than R2m is owed to Fairvest. Mariette Warner, fund manager of Stanlib Property Income Fund, says that given the bad experiences that investors have had in some listed property counters, there are certain elements that, if investigated thoroughly, make it easier to identify high risks. Warner says that in the case of an existing listing, it is essential to analyse the track records of the company and its management, as well as the experience of members of the board. She says it also essential to discus with management its plans for the company. “Should answers be evasive, it should be avoided,” says Warner. She says that in the case of a new listing, the same issues apply. “It is also crucial to read the prospectus thoroughly. “Valuation methodologies vary considerably. The quality of valuations also depends on the mandate given to the valuer.” Warner says that reading the valuer’s letter in the prospectus makes it easy to identify the quality of information provided to the valuer, the level of independence afforded the valuation and therefore the implied risk. Warner makes mention of Sanlam’s listing, Miccprop, saying it has done well because of the quality of information provided to the valuer and the depth of the mandate, which allowed the valuer access to the correct information and independent outcome. She says investment experts who say you cannot go wrong in real estate are clearly not real investment experts. “If investors in listed property do not have expertise to identify risks, they are far better off investing in vehicles managed by investment professionals registered as fund managers with the Financial Services Board.”

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28 June 2004Business Day

Retail bonds attract R164m from investors

GOVERNMENT’s effort to boost consumer savings has taken off, with 3 800 retail investors ploughing R164m into national treasury’s new retail bonds.The bonds, which were issued from May 24, have proved popular with investors looking for a low-cost, safe investment offering a fairly decent return.National treasury director of debt operations Johan Krynauw said the most popular bond was the two-year, which gave a guaranteed return of 9,25%, followed by the five-year bond, with a return of 10% and the three-year bond, which pays 9,5% interest.The bonds can be bought from the Post Office, via a dedicated website or directly from the national treasury’s head office.Most investors had opted to buy the bonds through the Post Office, according to the treasury’s figures, indicating that the bonds had attracted mainly first-time investors who had previously invested in bank fixed-deposit accounts, said market observers.According to the treasury, R135m has come through the Post Office, R21m through the website and R7,5m directly through the treasury’s offices.While there have been some complaints from individuals running into problems when accessing the bonds via the website, Krynauw said this had been the case mainly for South African investors applying from abroad.Investec Asset Management head of fixed income Andre Roux said the amount raised so far, although small compared with the treasury’s total monthly fundraising, showed there was an appetite for this kind of investment.“(Government) will definitely be buoyed by this success, I imagine they will come up with other similar savings instruments.”Stanlib Director of retail investment Paul Hansen said the bonds were well-pitched and offered a good return compared with a bank savings account. “It is proving to be a popular investment for those who want simplicity, certainty and a decent return.”

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STANLIB GLOBAL BRANDSForeign equity general Worth a closer lookUnit price : 85c Total assets R93m Top ten holdings :* Nestlé, Citigroup, American Express, Johnson & Johnson, American International, Unilever, UPS, Diageo, Pfizer, Aventis. Assets allocation Equities 92%, Cash 8%. Sector breakdown : Financials 20%, Industrials 80%. Regional breakdown : US 58%, UK 12%, Europe 19%, Japan 5%. *As at March 31 2004. **At start of period. Stanlib Global Brands’ (SGB) investments in top brand-name companies will appeal to the conservative investor and – with holdings in 32 stocks of which the top 10 have a 50% weighting – those seeking a focus that is lacking in many offshore funds. SGB’s holdings endow it with a strong defensive bias during periods of market weakness but may result in underperformance, as seen over the past 12 months, when investor appetite for risk is rising.

Financial Mail25 June 2004

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Saturday StarPersonal Finance

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26 June 2004

Stanlib re-opens foreign equity fund Stanlib has re-opened its Multi-Manager International Fund of funds, which was closed to new business in 2001 because foreign capacity was in short supply.The Reserve Bank has now approved further offshore capacity for Stanlib.The fund is a foreign general equity fund which invests in other regional general equity unit trust funds managed by Russell Investment Group.Through these funds investors are exposed to investments in the US, Continental Europe, the UK, Japan and Asia-Pacific.The fund follows the regional weightings of the MSCI World Index.For the year to April 30, 2004 the fund achieved a return of 23,8 percent. Over the past three years it produced a return of minus 3.6 percent, against foreign general equity funds’ average returns of minus 5.6 percent in a period of rand strength.


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26 June 2004

Recent events that give me hope … This is the good news part of my column, about three positive experiences I have had recently.1. LIBERTYI was almost knocked off my perch this week by Myles Ruck, the new chief executive of Liberty.He was launching an advertising campaign and what can best be called a new “culture climate” for Liberty aimed at providing policyholders with better service. Soon after Ruck took over as the new chief executive I sent him a note telling him that we were receiving an increasing flow of complaints from you, our readers, about Liberty’s service. I occasionally do this when I find the level of complaints increasing, particularly when we pass on the complaints and they are ignored.Some don’t like it, others pretend they will do something about it, others like Ruck appreciate it.He took the note, and obviously other complaints he was receiving, seriously and set up a new division to improve service. The division is headed by one of the senior members of his management team, Alan Woolfson (a good guy in my view). Ruck also had research done, which showed that Liberty had a better service record than his competitors. But as he says : I don’t want to be the best of a bad bunch.” He also says the approach of the life industry in dealing with you has been “far too arrogant for far too long”. I am sure we can all agree, particularly when spokespeople for the industry are blaming us for believing their propaganda, such as that contained in the benefit illustrations, about how well our investments were going to do, but never did. Ruck says most people just want someone to listen to their complaints and return their calls.He gave an example of Liberty having taken more than five years to solve a policyholder’s problem. The new attitude is to tell policyholders that Liberty is working on better service, quicker responses and intends to go the extra mile. Ruck says that in future Liberty will also base its products on what policyholders say they want, rather than on what Liberty says you need.Come July 5, you will also be told of a hotline that you can call if you do not get delivery.Ruck is the second person in the financial services industry who has spoken out publicly about what is wrong with the industry. Last week asset manager Dave Foord had some unpleasant things to say about how badly investors have been treated by the industry.Good on both of you. Hopefully other will now join you.

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26 June 2004

2. SANLAMBack in 1992, a former Sanlam intermediary, Lorenza Booysen, who was still a Sanlam agent, managed to convince the Master of the Supreme Court to give her access to some R18 million held in the Guardian’s Fund. The Master agreed dependant on certain conditions, including guarantees being provided by Santam and Sanlam on the capital amount. Initially all went well. Then Booysen put all the money that she was supposed to be investing with care, to provide the various children with an income, into a trust that she formed. She then moved the money out of Sanlam investments into high-risk foreign currency investments and into agricultural futures. The money evaporated. As a result, a number of children were left without income. The guarantees required by the Master of the Supreme court only concern the capital that must be paid in a number of years’ time when the children become majors and not income from the investments.When approached about what had happened, Sanlam was totally frank about everything and, together with Santam, had already initiated a payment programme to ensure that the children continue to receive a proper flow of income. This was very refreshing considering that the industry normally uses every possible legal argument to avoid meeting it moral obligations to investors.Incidentally, this is not the first time that Sanlam has found itself embarrassed by agents caring for money from the Guardian’s Fund. Last year one of Sanlam’s agents, Leon Grobler, was sent to jail for stealing money from the Guardian’s Fund.3. DITIKENI INVESTMENT COMPANYLast week I attended a function to announce the sale of a stake in asset manager Stanlib (the Liberty Life/Standard Bank joint venture), to a group called the Ditikeni Investment Company. The stake, which accounts to a comparatively small R22 million, is significant rather than substantial.This is a significant event because :•This was not simply a transfer of wealth to create another billionaire. It is a deal that affects the lives of ordinary people. Ditikeni is a group of 23 non-government organisations (NGOs) that are dedicated to the upliftment of poor South Africans. The work they do ranges from land distribution to education, health, employment and a wide range of other social services. Eventually, this stake should filter through to improving the lives of disadvantaged South Africans.•It recognizes the fact that there are many thousands of people who really do care for the poor, unlike some in the financial service industry who are more intent on making a fast buck.Most of the people who work for NGOs do so either voluntarily or for a pittance.This deal, in my view, is real black economic empowerment, no matter how small.

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24 June 2004City Vision Khayelitsha

Ditikeni boosting its share portfolio

THE first black empowerment company owned exclusively by non-government organisations (NGOs) is strengthening its grip on the private sector.

Ditikeni, which literally means “something to hold onto” has announced three transactions in which it obtained shares in up-market companies. The investment company was formed in 2000 by seven NGOs after a Dutch church organization encouraged them to find an alternative source of funding for themselves. Presently the company has 23 shareholders – all of them NGOs.With the help of Safika Holdings, Ditikeni obtained a 1,625% share in Stanlib, one of the three largest asset managing concerns in the country. The company also obtained a 2% share in Medikredit Integrated Healthcare Solutions as part of an empowerment transaction, as well as 30% in Avis Van Rentals (Eastern Cape). Ditikeni already has shares in various other companies, amongst them 1% in Caltex. According to Gordon Young, Ditikeni’s investment advisor, the company’s strategy was to first build a solid investment history before launching on the path of being introduced to the public. “The NGOs succeeded in getting together some R2,6 million in working capital,” he said. According to Young the company maintains an open system of management. The NGOs have international experience to take responsibility for their expenditure. Michael Hands, Ditikeni's company secretary, said the company can make no promises to the NGOs on possible yields. The shares that have been bought, are all long term investments. They will therefore not be able to rely on them as source of income immediately. “We have also advised the NGOs not to part with their available funds,” he said. According to Sahra Ryklief, a Ditikeni director, the company aims at using black economic empowerment to its advantage. According to Hands the company is also open to the idea of allowing other NGOs entrance into the fold – as long as they are well established. “The NGOs (who are presently involved) have been going for at least 20 years and are well established to plough back profits in the right way,” he said. Trevor Manuel, minister of finance, told guests at a Cape Town event last week that the big challenge for Ditikeni will be to increase the size of yields and its redistribution. Manuel said the government was very well aware of the need to decrease poverty. “The transformation of the South African economy must be one of the key components of government policy. ”According to Manuel frameworks for empowerment were established before the last election, but added that these frameworks “needed much more flesh”.

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STANLIB creates flexi fund for fixed interest clients

Product innovators at leading wealth company STANLIB have launched a new fund to bring cost effective flexibility to the fixed interest arena.The STANLIB Flexible Income Fund opened in May. The concept is currently being introduced to financial advisers at presentations in major centres nationwide.It joins a suite of three existing product categories managed by STANLIB’s fixed interest team headed by Henk Viljoen :•STANLIB’s well-supported Money Market Fund.•Income funds, with underlying investment in short-dated bonds, gilts and money market instruments.•Funds invested in long-dated bonds.Traditionally, investors in interest-based products like these face a significant challenge if they are to secure optimum yields. Every time interest rates change or market expectations shift, allocations and weightings across long- or short-dated bonds, income funds and money market products have to be reviewed. Timing issues also have to be carefully assessed. Investment in the STANLIB Flexible Income Fund enables the investor to delegate the quest for the optimum risk-related return to the professionals on the fixed interest team. “The new fund is a ‘one-stop shop’ for the fixed interest investors,” says Viljoen. STANLIB has made a sizeable investment in smart systems and specialists in the fixed interest market place. Investors in our new fund gain access to these resources while transferring the monitoring, management and timing tasks to the professionals. “It also relieves the financial adviser of the responsibility of contacting the client for intensive review sessions every time interest rates are adjusted or the adviser becomes aware of a shift in sentiment.” Fees are straightforward : A 1% up-front fee on entry to the fund and a 1% annual charge. Once a client has entered the STANLIB Fixed Interest Fund, no switching fees are charged for re-allocation of assets among different fixed interest instruments, except for cases in which funds are re-allocated from the money market. STANLIB’s fixed interest team is responsible for more than R20bn in assets. Viljoen and his team are multiple winners of industry awards for superior fixed interest performance over various terms.

Money Marketing

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31 May 2004

Nasty surprise in Nasty surprises are in store for some absolute return fund investors as the sector’s assumed promise of conservatism and predictability does not stand up to scrutiny. STANLIB issued this warning following a study of one of the fastest growing sectors in the unit trust business. The company surveyed the category because the strategic foundation of its own absolute return product – a pioneer in the field – seemed so out of step with the tactical approach of other funds being marketed from the same inflation-beating platform. The study revealed huge disparities in fund structure. Differences were startling for products offering the same proposition - a middle-of-the-road option for investors seeking refuge from stock market volatility. Absolute return funds are marketed as products with some exposure to equities (to guard against long-term inflation) while protecting investors from the extreme volatility associated with 100% equity exposure. According to Dylan Evans, head of Investment Marketing at STANLIB, this explains the product’s popularity with conservative unit trust investors and those approaching retirement who wish to lower their investment risk.Confusion Over BenchmarksThe experience of those invested in absolute return funds can be confusing, says Evans. The last Alexander Forbes Absolute Return Survey shows why. Benchmark selection is increasingly complex, from CPIX + 3% to CPIX + 7% or headline CPI + 5% to headline CPI + 8%.Erratic and Divergent PerformanceInvestors are also confronted by wildly varying performance. It might be assumed that absolute return funds perform in a similar way as benchmarks are all based on inflation-beating returns. However, the latest Alexander Forbes Survey (to January 31, 2004) showed the best performing absolute return fund (SIM CPI + 8%) delivered a 28.28% return over 12 months while the (Metropolitan Absolute CPI + 5%) delivered 11.19%. Both performed well against CPI and CPIX but the performance differential in the absolute return sector is actually wider than that is the Global Manager Watch (range + 28.0% to + 18.4%). Says Evans : “That’s startling for a sector supposed to be more conservative and more predictable!” Divergence is a function of the wide variety of strategies employed by the underlying managers, as STANLIB found when it analysed the assets allocations of those managing funds in this sector. “Results will be unnerving for investors who might believe this sector offers more ‘certainty’ than conventional portfolios,” Evans notes. The above table shows the massive difference in asset allocations. At the end of 2003, one manager believed it appropriate to have over 60% in local equities. Another thought 20% appropriate. One manager believed it appropriate to have over 43% of his portfolio in cash. Another thought 4.9% was the correct level. Evans observes : Astonishingly, the difference in asset allocation strategies is wider here than in the Global Manager Watch sector. The reason, STANLIB believes, is that most managers in the absolute return sector pursue a tactical asset allocation strategy, investing in

Money Marketing

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31 May 2004

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whichever asset class they believe will deliver the best absolute return against inflation.Says Evans : “Investors in the absolute return sector are consequently betting to a much greater extent on their particular manager’s ability to ‘get it right’.“It is therefore a sector that is going to deliver some nasty surprises, particularly as most investors perceive it to be a relatively safe haven from the turmoil of conventional, market-linked portfolios.”After its study of the sector, STANLIB has decided to stick with its strategic asset allocation policy even though it is out-of-step with the tactical norms established by its peers.Elements in the STANLIB mix include inflation-linked bonds to provide upside if inflation rises, conventional bonds and value-based local equities (which tend to do well in a time of low inflation); all backed by international property and low-risk international investments to act as a rand hedge.The STANLIB Absolute Return Portfolio has been around for over two-and-a-half years. But its strategic asset allocation mix was ‘back tested’ by STANLIB over five years.In only one year out of the five did the fund not meet its target (headline CPI +6%). In all other years it was well ahead of its benchmark and showed an annualized return of more than CPI +12% during the entire period.Evans argues : “In this sector, relative certainty of performance is just as important s absolute performance. Safety-conscious investors need to know they are buying into an absolute return portfolio designed to deliver a regular and reliable return against its benchmark.“Too many absolute return portfolios are tactically managed products whose fortunes are dependent on a manager’s subjective reading of markets at any given time.”

Money Marketing

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31 May 2004

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All action and no talkNewly appointed CEO of STANLIB, Bruce Hemphill, is a man of few words but a lot of action.

Sitting in the elegant boardroom of STANLIB’s Melrose offices, Bruce considers each question before answering. True it was not one of the easiest interviews I’ve ever done but then this man is more focused at the task a hand. Bruce trained as a lawyer at the University of Cape Town before moving to the UK. After completing his articles there, he qualified as a solicitor and moved to Hong Kong to specialise in corporate law. He later realised law was not the career of his dreams and he returned to South Africa to try something new. Joining Anglo American as a trainee manager, he was able to study further as the position required. From Anglo he came on board the old Standard Merchant Bank eleven years ago and ended up running the corporate finance business as joint head. Bruce has remained with Standard Bank group ever since. Managing Director of SCMB Securities was next and stock broking was added to his credentials. Following this, he was appointed deputy head of Standard Bank Commercial Bank. Restructuring within the group made this division redundant and Bruce returned to SCMB on the deal origination side. This means delving into mergers and acquisitions again but on a different level altogether. “We basically put together equity deal origination from start-to-finish. This included all aspects of these deals from corporate finance up. I found it very interesting,” says Bruce of his time there. The merger between Standard Bank and Liberty Life came about as a result of the two wanting to consolidate their asset management offering. It also opened up opportunities for cross selling of products from the banking and insurance sides. So, the merger took place and STANLIB was created. While this was going on, the company went through two temporary CEO’s, but with the final agreement going through. STANLIB approached Bruce to take over permanently at the helm. “I find the aspect of running STANLIB very exciting. The business has been through a difficult phase with the merger but the dust has settled and we are now down to getting on with the task at hand. Ask any company what its number one asst is and the answer is its people and that’s certainly true for us. You take good care of your staff and they will take good care of your business. The only place we want to be is at the top and with our dedicated team this is certainly achievable. In fact we’re already well on our way.” Bruce believes wholeheartedly that attitude and approach determine success or failure. He states succinctly that his job is simply to get a few things right, these things being focusing the staff, recognising individuality, accountability and inspiring the staff to give their best. Bruce adds that the only way to do this is to lead by example and that is non-negotiable!

SA Millionaire

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1 May 2004

“Our business is about providing people and companies with the appropriate homes for their savings. This involves a degree of risk and with risk comes pressure but that’s part and parcel of the job. All thing being manageable you can control the pressure through performance service and sales. Deliver on these and the job is halfway done. Investment does not rely solely on people but on fluctuating stock and international capital markets. By virtue of the investment process, you have to make promises you can keep. Not misselling products and ensuring you keep a strong line of communication open with your clients is essential in this industry. Our people are our advantage over the competition. Add to that our use of well recognised industry leaders in the investment process and you have a recipe for success.” Working on average, a very hectic twelve-hour day doesn’t seem to bother Bruce at all. He still manages to find time to swim, run and cycle in his spare time. What about your family and all the time spent way from them I ask? Bruce cracks his first smile and concludes; “I think they’re just glad to have me out of the house.”

SA Millionaire

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1 May 2004

Sorg dat jy ‘SKOON’ is

‘n Tydperk van baie woel breek nou vir talle beleggers aan. Die minister van finansies het sekere keerdatums vir verifiëering tot September 2006 aangekondig. Dit is die keerdatums vir die toepassing van die nuwe regulasies wat ontstaan het uit verlede jaar se Wet op die Finansiële Intelligensiesentrum (FIS). Die belangrikste vereiste wat beleggers of enige ander finansiëledienstekliënt betref, is dat hulle bewys van identifikasie moet voorlê voor die verskuiwing van beleggings of die te gelde maak daarvan of voordat hulle nuwe beleggings kan doen.Die keerdatum plaas ‘n aansienlike administratiewe las op instellings en kliënte namate die einde van die kwartaal nader kom. Baie kliënte pas hul beleggingsportefeuljes in die middel van die jaar aan en wil beleggings dikwels van een fonds na ‘n ander verskuif. Hulle het dalk die afgelope jaar lekker wins op aandele gemaak en wil dit in kontant omsit. Soms benodig beleggers in die hartjie van die winter bykomende kontant uit beleggings, veral pensioentrekkers wat groot kragrekenings op die lyf loop of in die koue weer meer aan mediese sorg moet bestee. Al dié transaksies kan deur die FIS bemoeilik word, tensy jy reeds gesorg het dat jy jou identiteit bevestig het by al jou rekenings waarby finansiële diensondernemings betrokke is, van groeifondse tot banke. Jy sal ook aan jou beleggingsraadgewer bewys moet lewer dat jy werklik die persoon is wat jy sê jy is. Self al ken julle mekaar al baie jare, moet dit nogtans gedoen word omdat die FIS se vereistes nie tot nuwe kliënte beperk is nie, maar dieselfde vereistes aan bestaande kliënte stel.Is dit nodig om so ‘n bohaai op te skop?Die antwoord is “ja” as Suid-Afrika die manier waarop hy sake doen met internasionale praktyk wil laat strook, veral met dié van sy belangrike handelsvennote in Wes-Europa. Misdaad is ‘n groot bedryf. Internasionale diewe gebruik bank-en beleggingstelsel jaarliks vir miljarde dollars se geldwassery. Die enigste teenvoeter vir geldwassery is om uitkeningsprosedures strenger te maak. Dit verklaar ook hoekom die sort FIS-wetgewing nou algeneem in alle ontwikkelde markte en veral Europa gebruik word. Selfs die Switsers moes sekere toegewings doen. Voorheen het hulle waterdigte vertroulikheid aan welgestelde kliënte met genommerde rekenings verskaf. Onlangs moes dié bankiers egter toegewings doen omdat Switserland omring word deur lidlande van die Europese Unie. In Suid-Afrika dwing die FIS welvaartondernemings, finansiële diensverskaffer en banke om duidelike bewys van identiteit te verkry voordat hulle geld aanvaar, oorplaas of uitbetaal. Bewys van identiteit is nog altyd in dié omstandighede vereis, maar die FIS omskryf die verpligtinge oor die uitkenning van kliënte baie deegliker as voorheen. Ondernemings moet nou heelwaat meer moeite as voorheen doen om hulle van hul kliënte se identiteit te vergewis en behoorlike opgawes daarvan te hou. Kliënte sal agterkom dat die vereistes taamlik streng is. Beleggingsmmatskappye


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27 June 2004

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moet nie vir die streng proses beskuldig word nie, want dit is nie hulle wat die vereistes stel nie, maar die wet! Talle diensverskaffers en finansiële tussengangers het reeds briewe aan kliënte gestuur om bewys van identiteit te vra. As jy nog nie so ‘n versoek ontvang het nie, sal dit jou waarskynlik binnekort bereik. Moet tog nie die brief opsy skuif en laat lê nie, maar doen dadelik iets aan die saak; trouens, as jy nog nie so ‘n brief gekry het nie, moenie langer daarop wag nie. Stel ‘n lys op van al die finansiëledienstemaatskappye met wie jy sake doen en besoek elkeen se naaste tak of kantoor so gou moontlik. Die taak kan tydrowend en vervelig wees vir mense wat met talle onderneming sake doen. Jy kan selfs van een afdeling na ‘n ander binne ‘n onderneming gestuur word tensy die onderneming oor ‘n gevoerderde rekenaarstelsel beskik wat dit moontlik maak om jou identiteit sommer op een slag by al jou rekenings in verskillende afdelings te bevestig. As die uitkenning nie betyds gedoen word nie, kan jy uiters frustrerende probleme beleef. Dit kan byvoorbeeld gebeur dat jy ‘n belegging gedoen het, maar dat jy ná die keerdatum agterkom dat dit weens die FIS-regulasies glad nie so maklik is om die geld weer in die hande te kry nie. Hoe bewys jy wie jy is?Jou identiteitsdokument of paspoort is ‘n goeie begin. Maak ook ‘n afskrif van jou belastingnommer. Daarby moet jy bewys van jou woonadres hê, wat jy gewoonlik kan doen met ‘n groeifonds- of bankstaat of ‘n krag-, munisipale of waterrekening. Daar moet ‘n straatadress op die dokumente verskyn. ‘n Posbusnommer is geen bewys van jou woonadres nie. Ondernemings sal dalk nie net ‘n bewys vereis nie, maar dit in sommige gevalle ook wil behou. Jy kan uiteraard nie jou ID, paspoort of kragrekening by ‘n onderneming laat nie en afskrifte sal nodig wees. Die afskrifte sal deur ‘n kommissaris van ede bevestig moet word. Sommige ondernemings het so ‘n kommissaris in hul personeel, anders moet die nodige sertifisering by ‘n polisiekantoor gedoen word. Onduidelike vereistes en toepassingsprobleme het reeds opgeduik, vandaar die versoek van die finansiëledienstebedryf om die uitstel van die FIS-keerdatum.Is uitsondering moontlik?Die probleem is dat finansiële diensverskaffers beboet gaan word as hulle nie die wet tot op die letter nakom nie. Die boetes is geen grap nie en kan tot R10 miljoen bedra – vir elke oortreding! Met die sward oor die kop kan ‘n mens streng nakoming van wetsbepalings van finansiële diensverskaffers verwag. Maatskappye het reeds weke daaraan bestee om kliëntuitkenningsprogramme op te stel. In elke geval waar ‘n oortreding van die FIS vermoed word, sal ‘n onderneming bewys moet lewer dat hy alle redelike stappe gedoen het om aan die wetsvereistes te voldoen. Sommige ondernemings het reeds amptelik raad gevra oor presies hoe streng hul werknemers moet optree om aan die vereistes van “redelik” te voldoen. My wenk aan beleggers is maklik : Sorg dat jy tydig aan die wetsvereistes voldoen!


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27 June 2004

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Ditikeni laat sy merk met transaksies

KAAPSTAD – Die eerste swartbemagtigingsmaatskappy wat uitsluitlik deur nie-regeringsorganisasies (NGO’s) besit word, is besig om sy greep op die privaatsektor te verstewig.Ditikeni, wat letterlik “iets om aan vas te hou” beteken, het pas drie transaksies aangekondig waarin by aandele in vooraanstaande maatskappye bekom het. Die beleggingsmaatskappy is in 2000 deur sewe nie-regeringsorganisasies gestig nadat ‘n Nederlandse interkerklike organisasie hulle aangemoedig het om self ‘n alternatiewe bron van inkomste te soek. Tans het die maatskappy 23 aandeelhouers – almal NGO’s. Ditikeni het met hulp van Safika Holdings ‘n bate van altesame 1,625% in Stanlib, een van drie grootste batebestuurder in Suid-Afrika, bekom. Die maatskappy het ook ‘n belang van 2% in Medikredit Integrated Healthcare Solutions as del van ‘n bemagtigingstransaksies bekom as-ook ‘n aandeel van 30% in Avis Van Rental (Oos-Kaap).Ditikeni het reed belange in verskeie ander maatskappye, onder meer 1% in Caltex. Volgens mnr. Gordon Young, beleggingsadviseur van Ditikeni, was die strategie van die maatskappy om eers ‘n stewige beleggingsgeskiedenis op te bou, voordat hy aan die publiek bekend gestel is. “Die NGO’s kon daarin slaag om sowat R2,6 miljoen se bedryfskapitaal bymekaar te maak,” het hy gesê.Volgens Young word die maatskappy deursigting bestuur en het die betrokke NGO’s internasionale ervaring om verantwoording vir hul bestedingte doen. Mnr. Michael Hands, maatskappysekretaris van Ditikeni, het gesê die maatskappy kan geen beloftes aan die NGO’s oor moontlik opbrengste maak nie. Die aandele wat gekoop is, is langtermynbeleggings wat beteken hulle sal nie dadelik daarop kan staatmaak as ‘n inkomstebron nie. “Ons het ook die NGO’s aangemoedig om die van al hul beskikbare fondse afstand te doen nie,” het hy gesê. Volgens me. Sahra Ryklief, ‘n direkteur van Ditikeni, is die maatsakappy daarop uit om swart ekonomiese bemagtiging tot sy voordeel in te span. Volgens Hands is die maatskappy oop om ook ander NGO’s ook toe te laat – solank hulle gevestig is. “Die NGO’s (wat tans betrokke is) is ten minste 20 jaar aan die gang en is goed gevestig om die winste op die regte wyse terug te ploeg,” het hy gesê. Mnr. Trevor Manuel, minister van finansies, het Donderdagaand by ‘n geleentheid in Kaapstad gesê die groot uitdaging vir Ditikeni sal wees om die omvang van die opbrengste én die verspreiding daarvan te verhoog.Manuel het ook tydens sy toespraak gesê die regering is terdee bewus van die noodsaaklikheid daarvan om armoede in die land te verminder. “Die transformasie van Suid-Afrika se ekonomie moet een van die sleutelkomponente van regeringsbeleid wees.” Volgens Manuel is daar voor die afgelope verkiesing raamwerke vir bemagtiging uiteengesit, maar gesê dié raamwerke het nog “baie meer vleis nodig”. Die swart bemagtigingswetgewing asook die handves vir die finansiële dienstesektor het ook ander kwessies soos beheer oor ‘n maatskappy asook die patrone van maatskppy-eienaarskap na vore gebring. “Eienaarskap beteken nie noodwendig beheer nie.”

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