MyZA

News, Directory, Events and Other Stuff

You are here: Home / News / Business / Hold back on Investing With Imermarket (Pty) Ltd, Mr Bongani Googenough Mngadi, and Mr Marios Kyriakou

Hold back on Investing With Imermarket (Pty) Ltd, Mr Bongani Googenough Mngadi, and Mr Marios Kyriakou

The Financial Sector Conduct Authority (FSCA) hereby informs the public that it is currently conducting an investigation in respect of the persons listed below (investigated parties):

  • Imermarket (Pty) Ltd (Imermarket) trading as Inversacapital. Imermarket is an authorised financial services provider (FSP) with FSP No. 640. Imermarket is not an authorised over-the-counter derivative provider;
  • Mr Bongani Goodenough Mngadi (Mngadi), the director and sole key individual of Imermarket; and
  • Mr Marios Kyriakou (Kyriakou), the director and sole shareholder of Imermarket.

It appears that Imermarket operates a trading platform offering trading in Contracts For Difference (CFDs). The FSCA received complaints from clients of the investigated parties.

Among other things, the complainants alleged that Imermarket’s representatives furnished them with trading advice. As a result of the advice, they incurred financial losses. Furthermore, the clients alleged that they were pressured to make additional deposits into their trading accounts and encountered perpetual challenges in accessing and/or withdrawing their invested funds.

The purpose of the investigation is to establish whether the investigated parties contravened any financial sector laws, including section 8A(a) of the Financial Advisory and Intermediary Services Act No. 37 of 2002 and Regulation 2 of the Regulations published under Government Notice R98 in Government Gazette 41433 of 9 February 2018, in terms of the Financial Markets Act No.19 of 2012.

The investigation is on-going and the FSCA emphasises that it has not made any findings yet. The FSCA will update the public on the outcome of investigation in due course.

Category: Tag: ,

If you feel strongly about this article then feel free to send MyZA a ‘Letter to the Editor’ using the submission form below:

Letter to the Editor

This field is for validation purposes and should be left unchanged.
If this is in response to an article please include that article title here or as the lead in for the first paragraph of your Letter below.

Separate tags with commas

Localise your letter by naming the city your words are about. Add relevant words describing your subject. Single comma separated words of no more than 5
Your Name(Required)
Your Name will be linked to the website below.
Your personal, business or social media web site
Choose NO to not set up a user account on MyZA. User Accounts will allow you to submit letters under your own Author Name

3 Latest Letters to the Editor:

  • Fun South African fact

    Dear Editor Fun South African fact: towns like Franschhoek and Stellenbosch are home to world-class wine farms set in stunning, scenic surroundings. Regards Aressa Smith In Response to/From: Luxury Properties Seized in New Lottery Crackdown

  • Condolences on the Passing of Lusanda Dumke

    Statement by Leander Kruger MPL – DA Buffalo City Constituency Leader: The Democratic Alliance in Buffalo City Metropolitan Municipality mourns the passing of Springbok Women’s rugby player and Mdantsane trailblazer, Lusanda Dumke, who lost her battle with cancer at the age of 28. South Africa has lost an exceptional athlete, a leader, and a source…

  • Rape Kits Delivered, But…

    Statement by Nicholas Gotsell MP – DA NCOP Member on Security & Justice: The DA can confirm that 2 840 rape kits arrived in Cape Town on Monday, following sustained DA oversight and pressure after multiple police stations across the Western Cape were found to be without this critical forensic evidence tool. While this delivery…

Reader Interactions

Comments

  1. Property Prices: According to the Economist, South Africa ranks 4th on the percentage improvement to property prices 2015 from a year earlier. It was found that there was a 9.7% improvement. Ireland came first at 16%. When 2015 is compared with 2009 South Africa ranks 6th at a 40% improvement, with Brazil being first at 155%. For those wanting to start or increase their property portfolio, South Africa is the right place to be. A R5 million luxury apartment on the KZN North Coast with sea views surely beats a R5 million cupboard in London.