Non-registration of the covering bond by Nova Property Group Investments (Pty) Ltd in favour of the Flora debenture holders.
Updated: Aug 25
This memorandum is issued specifically to the Flora Centre Investments (Pty) Ltd (“Flora”) Debenture Class L (“the Flora Debenture Holders”) to provide a clear and concise explanation of the serious matter affecting this class — namely, the non‑registration of the covering mortgage bond that was required to secure their initial investment.
The information set out herein is based on verifiable documentation, including Deeds Office records, correspondence with the Provisional Liquidator of Flora (“the Liquidator”), and written responses received from the Directors of Nova Property Group Investments (Pty) Ltd (“Nova Investments”).
All available evidence confirms that no covering bond was ever registered in favour of the Flora Debenture Holders.
This memorandum is intended to ensure full transparency, to explain the implications of this failure, and to outline the steps I have already taken to escalate the matter to the Companies and Intellectual Property Commission (“CIPC”).
Debenture Holders are also referred to the Memorandum available on my website dealing with a previous matter reported in relation to Flora – Flora Centre – Debenture Holders stand to lose potentially up to 100% of their initial investment.
It is further suspected that other classes of Debenture Holders may have been similarly affected. Debenture Holders are therefore referred to the additional Memorandum on my website addressing twelve other classes that may also have been exposed to possible non‑registration of covering bonds – Nova PropGrow Group Holdings Limited - Potential R 414,694,327 Debenture shortfall.
Jean-Pierre Tromp
In my capacity as Trustee of the Debenture Trust
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