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Primewave Capital: Proceed With Caution

The Financial Sector Conduct Authority (FSCA) warns the public to be cautious when conducting financial services business with Primewave Capital.

It has come to the attention of the FSCA that Primewave Capital is soliciting funds from members of the public for investment purposes, while promising unrealistic returns.

Members are recruited through Facebook. The FSCA points out that unrealistic returns must be viewed with great suspicion.

While the FSCA does not comment on the specifics of Primewave Capital’s business, it must be noted that Primewave Capital is not authorised in terms of any financial sector law to provide financial services to the public in South Africa.

The public is strongly urged to exercise caution when considering investment or trading offers on social media or any unsolicited offers.

It is highly recommended that the public verify:

that an entity or individual is authorised by the FSCA to provide financial products and services, including for giving recommendations about how to invest.

what category of advice the person is registered to provide, as there are instances where companies or people are registered to provide basic advice for a low-risk product and then offer advice on far more complex and risky products.

that the FSP number utilised by the entity or individual offering financial services matches to name of the FSP on the FSCA database.

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  1. Dr. Judy Dlamini is a qualified medical doctor, with an MBA and PhD in business leadership. She is an accomplished businesswoman, an author, and founder and current executive chairperson of the Mbekani Group. After a successful medical career spanning 10 years, Dlamini decided to explore new terrains, she enrolled for an MBA degree, after which she joined HSBC Investment Bank, and pursued her PhD through UNISA. Today, Dlamini owns and operates luxury retail stores; Luminance. The fledgling business, Mbekani Group, she started 20 years ago has grown into a diverse and successful entity with operations and investments in medical devices, health management, facilities management, retail and property. In addition to a long and successful business career, she and her husband are founders and trustees of Mkhiwa trust, a family public benefit organisation with a focus on rural development and education.