The Registrar of Banks ("the Registrar"), being the official regulator of banks in the Republic of South Africa in terms of the Banks Act, 1990 (Act No. 94 of 1990 – "the Banks Act"), in the public interest, wishes to make the following statement:Subsequent to an investigation conducted by the Office for Banks in terms of the Banks Act, it was established that the company styled Josel Properties (Pty) Limited, trading as Care Financial Services and Investment Brokers (hereinafter referred to as "Josel"), with its main place of business at 3 Staffordshire Place, Marine Drive, Shelley Beach, was conducting the business of a bank in contravention of the provisions of the Banks Act. The business of a bank entails, inter alia, the soliciting, advertising and acceptance of monies from the general public on the basis that such monies will be repaid at a future date. Josel was consequently, on 16 March 1999, directed by the Registrar, in terms of the Banks Act, to repay all monies obtained as mentioned above, in so far as such money has not yet been repaid, to members of the public from whom the money was collected. The Registrar, simultaneously with the issuing of the above directive, appointed a person ("the manager") to manage and control the repayment of money by Josel in compliance with the directive.Subsequent to his appointment, the manager has primarily endeavoured to establish the extent of the business that Josel conducted in contravention of the Banks Act and to bring about the complete discontinuation of the said business. To date, the manager has ostensibly successfully achieved this primary objective.The manager’s secondary very important but time-consuming objective has been to determine the true amount of money unlawfully obtained by Josel.It was intended that investors would thereafter be informed of the necessary course of action regarding the proof of claims against Josel, and the payments of such claims by the manager.The members of Josel have, however, passed a special resolution effecting a creditor’s voluntary winding-up. The said special resolution for the liquidation of Josel was duly registered by the Registrar of Companies and, thereafter, reported to the Master of the High Court ("the Master"). The Master is obliged to appoint a person in the capacity of liquidator of Josel.The Registrar, in consultation with the manager, reported to the Master on, inter alia, the above-mentioned course of events. The Registrar furthermore advanced certain proposals regarding the most effective manner of liquidation, having regard to the interests of depositors.The Master consequently appointed Mr Pierre De Villiers Berrangé of the firm Lynn & Berrangé, situated in Pietermaritzburg, as provisional liquidator of Josel.The Registrar intends to retain the services of the manager, pending the liquidator taking control of all the relevant assets of Josel, in order to ensure continuity and to avoid the creation of a possible vacuum in the management of the affairs of Josel.A person who conducts the business of a bank without being registered as a bank in terms of the Act is guilty of an offence. Legal proceedings in this regard will follow its due course. ​