n Personal Finance Newsletter - Warning : Rudco boss bounces back : your money
|Article Title||Warning : Rudco boss bounces back : your money|
|© Publisher:||Moneyweb (Pty) Ltd|
|Journal||Personal Finance Newsletter|
|Publication Date||Apr 2009|
|Pages||7 - 8|
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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