R2bn funds boss bungle

DIRECTIVE: ORDERED TO COMPLETE A BASIC DIRECTOR'S COURSE

- Ryk van Niekerk Moneyweb

BACK TO SCHOOL. Johann Kritzinger was issued a directive to complete the CIPC's free and very basic Learn-i-Biz director training programme.

(via YouTube)

South Africa’s corporate regulator has sanctioned the head of a multi-billion rand alternative investment firm by requiring him to complete a basic director's training course, after a complaint about accounting irregularities at one of the companies in the firm's investment portfolio.

The Companies and Intellectual Property Commission (CIPC) issued the directive in April last year against Johann Kritzinger, executive director and fund principal of nReach Capitis Laysan, a company that claims to manage R2 billion for more than 1 100 clients.

The CIPC's order relates to his role as a director of Stark Vieh, a livestock investment company that forms part of the broader investment portfolio managed by nReach Capitis Laysan.

Stark Vieh is currently in business rescue. The sanction followed a complaint to the CIPC by the business rescue practitioner about alleged accounting irregularities at the group that occurred under the watch of Kritzinger and fellow director MD Bester.

Bester has since resigned, but was also required to complete the course.

The course is the CIPC's very basic and free Learn-i-Biz director training programme, which it describes as “designed to empower and build capacity in relation to noncompliance”. The CIPC has confirmed that the two have completed the course.