Page 4 - Natal Growth Fund News Today : Breaking News, Live Updates & Top Stories | Vimarsana
Edtea MEC intervenes in KZN Growth Fund sabotage allegations
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R100m boost for Youth Business Empowerment Fund
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Development finance: Funder vs funder in R500m pot fact
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The KwaZulu-Natal Growth Fund (KGF), Industrial Development Corporation (IDC) and private investors have burnt their fingers and lost more than R330 million in an ill-fated cookware-manufacturing plant which has now been liquidated.
INSA (Pty) Ltd., in which the KGF, IDC and private funders had invested hundreds of millions, was liquidated by the Pietermaritzburg High Court in November last year after failing to pay creditors.
The KGF invested more than R230 million through debt and equity funding in 2016. The fund, a so-called developmental finance institution (DFI), which was founded and funded by the KwaZulu-Natal government, also convinced investment company Brand Investments to invest R63 million in INSA.
Frausters using the name of Trade & Investment (TIKZN) have swindled victims of thousands of rands in an investment scam the government agency has warned.
Trade & Investment KwaZulu-Natal (TIKZN) has warned the public to guard against an investment “Ponzi” scheme that has been targeting unsuspecting victims in the province by taking their money and promising them a huge return on investment within a few days. The fraudsters, who pretend to be employees of TIKZN, contact victims via social media such as Whats App, Insgtagram and Facebook, and ask for deposits of thousands of rands, before disappearing.
Beware of investment scam
The investment scam fraudsters take the deposits under the guide of providing finance investment opportunities under the name of Trade & Investment KwaZulu-Natal (TIKZN).