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 "Care"), 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 would be repaid at a future date.Care 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, simultaneous with the issuing of the above directive, appointed a person ("the manager") to manage and control the repayment by Care of money in compliance with the direction.Subsequent to his said appointment, the manager has primarily endeavoured to establish the extent of the business that Care 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 following very important but time consuming objective, is to determine the true amount of money unlawfully obtained by Care. It would not be prudent for the manager to utilise the financial and other records of Care as the only source to reconstruct the cash-flow of the said business. The manager is currently attempting to reconstruct the cash-flow of the said business with reference to Care's financial and other records, records furnished to the manager by Care's marketing agents, and Care's bank statements, procured by the manager in terms the powers conferred to him in terms of the Banks Act.A conclusive indication of the existence and extent of a short-fall that may possibly have been created through the operation of the above-mentioned business will only be forthcoming, once the manager has completed the above-mentioned reconstruction of the cash-flow.Investors will, upon the completion of the reconstruction process, be informed of the course of action that is to be taken with regard to the proof of claims against Care, and the payments by the manager of such claims.The manager's tertiary and ongoing objective is to secure money unlawfully obtained and any assets into which such money was converted. This objective includes establishing control over all bank accounts utilised by Care in the conduct of its unlawful business. The said objective furthermore includes instituting legal proceedings to establish and retain control over the above-mentioned money and assets.In terms of the Banks Act, the manager acts under the control of the Registrar of Banks, and may from time to time apply to the Registrar for instructions on any matter arising out of or in connection with the performance or his duties. The Registrar thus has the authority to promote its policy of ensuring the cost-effective dissolution of the unlawful business as conducted by Care, as well as the orderly and cost-effective repayment of money unlawfully obtained. The Registrar's said policy is compounded by the fact that costs so incurred may by law be recouped from the person subject to direction. Registrar of Banks ​