Hawks arrest two in sub-6% home loan scheme
http://moneyweb.co.za/mw/view/mw/en/page292525?oid=496484&sn=2009+Detail
JOHANNESBURG – The elite Hawks crime-fighting unit has arrested two kingpins in the Arctogen home-loan scheme. The scheme was first exposed on Realestateweb last month.
Arctogen and its predecessors, Quickvest and PKA Financial Services, have sparked hope and disbelief in Cape Town with their offer of home loans fixed at an interest rate below 6%. To date, no loans have been granted, and, as Realestateweb reported earlier this month, the company has some not-insignificant regulatory and funding difficulties to overcome.
Lending credibility to the scheme is Cape-based property attorney and Seeff licensee Peter Fritz Sonnenberg, who describes himself as Arctogen’s “bond registration attorney”. Sonnenberg has for months been assuring clients, and, more recently, Realestateweb, that he has “every expectation” of receiving funding for the loans.
The Hawks arrested apparent Arctogen boss Ian McCabe and his business partner Denver Geyer on Thursday. They are currently behind bars in Mitchell’s Plain. Their bail hearing is due on Monday. It is not known what allegations or charges form the basis of their arrest. Sonnenberg says the charges, as he understands them, “relate to the use of the name ‘PKA’”.
Related posts:
