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ALL about banking in South Africa you are not supposed to know 

they lie........they cheat .........they steal.

    because the (previous)  Government allowed them to.

 

(All eyes are focussed on the new elected government)

                             In his State of the Nation Address (SONA) , the Honourable President  of the 

                              Republic of South Africa, Mr C.R. Ramaphosa said the  following:

     

                                          “ We are determined to build a society defined by decency

                                             and integrity, that does not tolerate  the plunder of public

                                             resources, nor the theft by corporate criminals of the hard-earned

                                            savings of ordinary people. 

 

 

 

READ THE LATEST  NEWS  ON "ARTICLES"

 

                     STANDARD BANK IN MULTI BILLION RAND SERVICE FEE SCANDAL

                                                                 ----------------------------------

   

                      DOCUMENTATION RELATED TO DISCRIMINATION WITH INTEREST RATES 

                      BY FNB  ON BLACK BONDHOLDERS  LIVING IN LOW COST HOUSING

                      (TOWNSHIPS), IS  REFERRED   TO THE CHAIRMAN:STANDING  COMMITTEE

                      FINANCE, PARLIAMENT.

                                                                 ------------------------------------

                     

                         THE TRIAL RELATED TO FNB'S UNFAIR DICRIMINATION WITH INTEREST RATES ON MORTGAGE

                          LOANS ON BLACK CLIENTS  OF LOW COST HOUING, IS SCHEDULED (HOPEFULLY THEY HAVE RUN

                          OUT OF DELAYING TACTICS)  TO GO ON TRIAL ON 5 AUGUST THIS YEAR  IN THE EQUALITY

                         COURT OF WESTERN CAPE.   THE BANK'S MAIN EXPERT WITNESS MR. DAWIE BOTHA

                          (FORMER  EXECUTIVE DIRECTOR OF SAAMBOU BANK)  IS 

                          PRESENTLY BEING INVESTIGATED BY THE SOUTH AFIRCA POLICE SERVICES  FOR

                          ALLEDGED PERJURY ON MATTERS THAT HE HAS TO TESTIFY UNDER OATH IN THE CASE

                          ( OH S..T) -  WEBMASTER.

 

 

 

                           HOW FNB OVERCHARGED MR. SIMON MICHAELS WITH R 220 000. DUE TO DISCRIMINATION BE FNB

                           BETWEEN 1 FEBRUARY 1999 AND 1 NOVEMBER 2001) HIS INSTALMENTS  FROM 1 DECEMBER 2001

                            WERE 32% HIGHER THAN IT SHOULD HAVE BEEN. THIS MATTER IS REFER TO THE HUMAN RIGHTS

                            COMMISSION  (REF WC/1718/0396) AND ATTACHED TO THE DOCUMENTATION REFERRED TO THE STANDING

                            COMMITTE, PARLIAMENT.

 

 

                          

Emerald van Zyl started his career as a financial investigating consultant in 1992. During this time he recovered more than R223 million in respect of overcharges from financial institutions on behalf of consumers in South Africa. He assisted 1 560 homeowners in stopping  the sale of execution of their homes for allegedly being in arrears with their monthly instalments.

 

At present he is in the process of assisiting claiming on behalf of R 2 b from FNB for unfair discrimination with interest rates on black bondholders of Low cost Housing.

 

In his 25 years of experience as a bondinvestigator he has successfuly exploited all the tricks that banks are using to ripp off their clients. Find out more by visiting "ARTICLES" on the website.

In 1996 he  successfully unfolded irregularities with the controversial 1992 drought scheme and wrong interest methodology with farmers Co-Operative accounts. He assisted 34 farmers in setting aside the sale in execution of their farms. 

In February  1998 he unfolded the illegal method of calculating interest in advance by Saambou Bank. Saambou continued to use this unlawful practise, notwithstanding a letter dated 6 June 1990, from the Governor of the Reserve Bank, Dr C. Stals, informing all financial institutions that the method of calculating of interest in advance was in contravention of the directives of the Usury Act, Act No 73 of 1968, as amended. All banks and Building Societies immediately change to the correct method, except Saambou.

Under pressure from the South African Reserve Bank and the Registrar of the Usury Act, Saambou converted from interest in advance to interest in arrears on 1 September 1999. This was very costly for the 5 th largest bank in South Africa. With the convertion to the correct interest methodology, the bank lost one month of interest income, estimated in excess of R 110 million. 

To recover the loses, the Board of Directors of Saambou decided to increase the interest rates of poor people living in townships i.e. low cost housing. The way it was done is not to reduce interest rates in a decreaisng phase of the prime rates. High Cost Housing received these decreases.

On 9 February 2002, Saambou collapsed. At that point in time Emerald had assisted 28 Saambou bond client’s in stopping the sale in execution of their homes for allegedly being in arrears with their monthly instalments. At present he has assisted more than 180 black Saambou clients. Many of these  clients are still staying in their houses.

FNB took over the mortgage book of Saambou with all it liabilities for R1. However, the mortgage book for low cost housing was bought by FNB in February 1998 by securitisation. So they were the proud owners  of the Low Cost Hosing  book and therefor responsible for the discrimination.

As Emerald van Zyl was instrumental in the collapse of Saambou, the Government did not waste any time in pursuing against him . On the 14 February 2002,  5 days after the collapse of Saambou, , the Harmful Business Practise Committee under instruction of the the Minister of Finance, Mr. Trevor Manuel proceeded with an investigation of his business practise under section 8(1)(a)  of the Consumer Affairs Act, 71 of 1988. This action was instituted without any complalnts from consumers. On 14 May 2002 the Department of Trade and Industry raided his office at home and remove a number of lever arch files. This happened without an court order.

The Commitee published his name in the Government Gazette dated 2 March 2002. Emerald summonsed  Mr. Alex Erwin, the Minister of Trade and Industry at that point in time, for R 2.4 million in damages. Shortly afterwards he summonsed the Chairman of the Harmful Business Practise Commitee, Prof Tanya Wocker for R 3 million for malice prosecution. These matters were later settled out of court. Read more about this matter under the heading "Emerald's ordeal with the Harmful Business Practice Committee" on Index page. 

In more than 3000 low cost housing omortgage accounts investigated, the failure to reduce the interest rates of low cost housing happenend on exactly the dates as can be noticed in the schedule below.Here are the dates and the percentages of interest rates. High Cost Housing, however, received the benefit of these interest rate decreases. 

             1 February  1999      1%

             1 February 2000       0.25%

             1 July 2001                0. 75%

              1 October 2001       0.25%

             1 November 2001    0.5%

T

his means that in the period 1 February 1999 until 1 November 2001 the interest rates on low cost housing were increased by appoximately 2.75% higher than the interest rates charged on High Cost Housing.

 

At present, more than 60 low cost victims of this unlawful practice which was referred to “as the biggest interest scandal in the history of South African Banking” on television program Carte Blanche, have submitted their cases of unfair discrimination with interest rates to the Equality Courts in the Western Cape, Northern and Southern Gauteng High Courts.

 

On 7 November 2007 he was invited by community leaders and the Human Rights Commission to testify in the Public Hearing on Housing, Evictions and Repossessions. In his presentation, for which he received a standing ovation, he informed the Chairman Mr. Leon Wessels that consumer protection in South Africa has collapsed as banks were charging black bondholders in the low income group housing sector up to 6 % more than white homeowners. He also informed the Commission that banks were not allowed to charge the low cost housing sector a higher interest rate than those clients in the High Cost Housing Sector, as there was a fee of R5 (VAT excluded) introduced in June 1990. The purpose of this fee was for banks to recover any losses that might occur due to the higher risk  and to charge low and high cost housing the same interest rate on their mortgage bonds.

 

On 16 September 2009, he discovered irregularities with Landbank loan accounts. In an interview with Alex Hogg on Moneyweb on 18 September 2009, Mr. W. Meyer, financial director of Landbank at that point in time, admitted that Emerald was correct and that Landbank’s interest recalculations were indeed incorrect. At the time Landbank placed a prohibition on execution sales, Emerald had already assisted 5 farmers in the Hexriver Valley in stopping the sale in execution of their farms for allegedly being in arrears with their Landbank loan accounts.

 

On 15 May 2013, the television program Carte Blanche celebrated their 25 th birthday anniversary. Emerald was honoured as being selected by  Carte Blanche to be interviewed on the program as one of their selected heroes.