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Clarity: Portem Industries Is NOT Portdem (Pty) Ltd

The Financial Sector Conduct Authority (FSCA) received information that Portem Industries (Pty) Ltd (Portem Industries) are impersonating Portdem (Pty) Ltd (Portdem).

It has come to the attention of the FSCA that Portem Industries used the FSP number (FSP 8267) of Portdem to solicit funds from the public for investment purposes. Portdem was authorised to provide financial services in South Africa, until 14 June 2022 when its license was lapsed. Portdem is therefore no longer authorised to provide financial services.

Portdem confirmed that it is not associated with Portem Industries. Portem Industries failed to respond to FSCA queries.

The public is strongly urged to exercise caution when considering investment or trading offers on social media platforms or any unsolicited offers. There are many fraudsters operating scams, and the number is growing. South Africans lose millions of rands every year to fraudsters. Illegal operations are sometimes well-disguised as legitimate operations.

The public is advised to be on the lookout for certain tell-tale danger signs when approached by persons offering attractive investment opportunities. These red flags include:

  • Unrealistic or exaggerated returns
  • Offers made on social media platforms
  • Requirements to pay for services upfront
  • Requirements to pay more money to have your investments returned
  • Requirements to pay for training
  • Claims that you must act and pay urgently i.e. creating a sense of urgency
  • Vague information about the investment product.

Members of the public may use one of the following methods to confirm whether a service provider or person is authorised to act as an FSP by the FSCA, including to verify their FSP number:

  1. Toll-free number: 0800 110 443
  2. Online search for authorised financial institution by license category: https://www.fsca.co.za/Regulated%20Entities/Pages/List-Regulated-EntitiesPersons.aspx
  3. Online search for a financial institution that is an authorised FSP in terms of the FAIS Act: https://www.fsca.co.za/Fais/Search_FSP.htm
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