The miserable Board of Directors of this miserable haraam investment company has issued the following Circular to Shareholders:
(End of Circular)
The Board of Directors cannot be absolved of culpability and gross negligence for the massive scam, fraud and theft which the Board has concluded were perpetrated by Mr.HAKO and Mr.MHO. It is indeed weird and even bizarre for the Board to plead ignorance of the massive theft of hundreds of millions of rands of investor funds over a period of a decade. What were the directors doing while such huge amounts of money were being stolen from the company’s coffers? The theft was not a one-time occurrence. It was perpetrated systematically over a decade. Were they partying and engaging in merrymaking?
It is not possible for all the directors of this hopeless person’a grata Board to have been so stupid and so dense in their brains as not to realize the shenanigans of which they are now accusing Mr.HAKO and Mr.WHO. This company should be liquidated. Perhaps there may be grounds for criminal charges against the Board of Directors as well. Why did these chaps who are totally unfit to be Board members of a large company fail to smell the stench of the cat’s excreta which was repeatedly being concealed under a flimsy veneer? After all, what is the job of these miserable directors?
Any criminal investigation against Mr.HAKO and Mr.WHO should also bring within its scope the Board of Directors. It was in fact the negligence or passive co-operation of the Board which had enabled and emboldened the two fraudsters to perpetrate the massive theft of which they are being now, so belatedly, being accused.
Besides the issue of theft of the funds of the shareholders, it is necessary for them to understand that this company itself is haraam. The dividends it paid were all riba. The dealings of the company are not compliant with the Shariah. It is imperative for investors to withdraw their funds. This company should be buried ignominiously.
8 Sha’baan 1443 – 11 March 2022