FSB Press Release 10 October 2014

FSB Press Release
10 October 2014
FINANCIAL SERVICES BOARD WARNS THE PUBLIC TO EXERCISE CAUTION IN
DEALING WITH DISCOUNT MART CLEANING SERVICES CC TRADING AS DMC
HOLDINGS (DMC) AND/OR MR ABDOOL YOUNUS KARIM
Subsequent to the media release dated 08 September 2014 issued by the Financial Services
Board (FSB) warning the public to refrain from conducting any financial services business or
investing funds with Discount Mart Cleaning Services CC trading as DMC Holdings (DMC)
and/or Mr Abdool Younus Karim, it has been brought to the Registrar of Financial Services
Providers’ (“Registrar”) attention that DMC is advising its shareholders that the Registrar has
instructed it to dispose of the properties by way of auction or private sale and refund the
shareholders’ investments.
The Registrar is vehemently denying issuing at any stage such instruction and/or any
arrangement related to the disposing of DMC properties. However, FSB is currently
conducting an investigation, which is on-going, into the affairs of DMC and its associated
institutions.
Please be advised that the Registrar has referred the matter to National Consumer
Commission (“NCC”) for consideration since property syndication falls within its jurisdiction.
Any queries or concerns regarding this matter must be referred to Andile Mange of the NCC
who can be contacted on A.Mange@thencc.org.za.
The FSB reminds consumers who wish to conduct financial services with an institution or
person to check beforehand with the FSB on either the toll free number (0800110443) or on
the website www.fsb.co.za as to whether or not such institution or person is authorised to
render financial services.
-EndsEnquiries:
Ms Tembisa Marele
Communications Specialist
Financial Services Board
Email address: Tembisa.Marele@fsb.co.za
Telephone: 012 428 8025/083 754 2052