n Personal Finance Newsletter - Warning : Rudco boss bounces back : your money

Volume 2009, Issue 339
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Rudie Visagie, infamous for his role in Rudco, is not a man to let a liquidation or criminal conviction get in the way of his business plans : Visagie has resurfaced as a property developer in the Northern Cape. Moneyweb was recently contacted by a reader who noticed a property investment offer that sounded a little too good to be true.

For those unfamiliar with the story, Rudco lured clients with the promise of home loans fixed at an interest rate of 6%. It managed to solicit about R7 million in "loan instalments" while granting virtually no loans. The National Credit Regulator eventually succeeded in applying to the High Court for Rudco's liquidation.

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