Metro Centre Mayhem

Joburg’s CBD has been a talking point for decades. But there’s arguably no better metaphor for the state of the city than the Metro Centre. It’s the seat of the City Council, now declared unsafe and closed. This story investigates one of the reasons for the ongoing failure to rejuvenate the city. It’s something deceptively simple: paperwork. But what we found exposes a profound challenge.
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On January 26, 2009, Nicholas Cosmo, founder of Agape World, surrendered to federal authorities in connection with a suspected $380 million Ponzi scheme. Previously convicted of fraud in 1999, Cosmo surrendered at the Long Island Railroad train station in Hicksville, New York, and was sentenced to 50 years’ imprisonment. In March 2009, a lawsuit was filed in New York against Bank of America, one of the largest banks in the United States, that claimed that Bank of America “established, equipped and staffed” a branch office in the headquarters of Cosmo’s firm, Agape Merchant Advance. As a result, the lawsuit contends that the bank knowingly “assisted, facilitated and furthered” Mr. Cosmo’s fraudulent scheme.