Nova PropGrow Group Holdings Limited - Potential R 414,694,327 Debenture shortfall
- Mar 10
- 2 min read
Following the publication of a Memorandum concerning twelve groups of Debenture Holders, collectively valued at approximately R 414,694,327, who stand to lose, in essence, 100% of their initial investments, I escalated this matter to the Companies and Intellectual Property Commission (“CIPC”) on 30 September 2025. The escalation was directed specifically to the Registrar of Companies, Adv. Rory Voller, given the seriousness and urgency of the issues raised.
Annexure A contains the email addressed to Adv. Voller.
The supporting documentation referenced in that email is available as part of the Memorandum titled “The Missing R 414,694,327” .
Responses Received from the Nova Group
The Board of Directors of the Nova Group of Companies (“the Board”) issued a response addressed to me personally. This response, authored by the Chairman, Mr. Connie Myburgh, is attached as Annexure B.
It is deeply concerning that Mr. Myburgh, in his email response, disclosed information that, in my respectful view, constitutes confidential attorney/client communications. The specific portion of the correspondence in which this disclosure occurred has been highlighted for ease of reference.
Following this disclosure, and given the seriousness of the breach, I lodged formal complaints with the Legal Practice Council against the two attorneys involved. In my opinion, the conduct displayed was unprofessional and inconsistent with the ethical duties owed by legal practitioners, particularly in matters involving vulnerable stakeholders and regulatory oversight.
Subsequently, the Board, again through Mr. Myburgh, sent an official response to the CIPC, addressed directly to Adv. Voller. This document is attached as Annexure C.
In my respectful opinion, the response submitted by Mr. Myburgh to the CIPC contained various factual inaccuracies. These inaccuracies necessitated a formal reply from my side to ensure that the CIPC received a complete and accurate account of the matter. My response is attached as Annexure D.
Current Status
To date, I have not received any constructive feedback from the CIPC regarding this serious matter. I intend to send a follow‑up communication to the Commission to request an update and to ensure that the concerns of the affected Debenture Holders are not overlooked.
Jean-Pierre Tromp
In my capacity as Trustee of the Debenture Trust
List of Debenture Holders affected
Description | 29 February 2024 | |
| Debenture value | Property value |
-148 Leeuwpoort Street | R 7,000,000 | R 0 |
-De Marionette Centre | R 53,417,481 | R 0 |
- Shopmakers Village | R 42,268,140 | R 0 |
-Benoni Hyper | R 39,175,400 | R 0 |
-Athlone Park Shopping Centre | R 40,859,055 | R 0 |
-Liberty Mall (Amogela Mall) | R 5,604,572 | R 0 |
-Oxford Gate | R 26,930,591 | R 0 |
-Parkside Plaza | R 28,681,296 | R 0 |
-Rivonia Square | R 109,102,851 | R 0 |
-Nelspruit Hyper | R 51,652,037 | R 0 |
-Dainfern Shopping Centre | R 10,002,902 | R 0 |
-Whale Rock Residential Estate | R 2 | R 0 |
|
|
|
Total | R 414,694,327 | R 0 |
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