Silver Seed Capital ordered to pay back money and face possible criminal charges
In yet another ombud ruling, it is clear the Cape Town-based company exists to con investors and benefit director's hidden interests
In yet another ruling against Silver Seed Capital, the ombud for financial services providers (Fais ombud) Naresh Tulsie ordered that the Cape Town business and its director Sandro Manuel Azevedo Veloza pay back the full amount invested by Dr Molehi Walter Kgaile.
This is not the first time Silver Seed has been on the receiving end of an ombud ruling, with previous investigations showing that the company was used to lure unsuspecting investors with promises of extravagant, guaranteed returns from a risky, unlisted platinum mining venture. The ombud found that Veloza was also conflicted in that he was both a director and company secretary for UG2 Platinum, which he advised clients to invest in for great returns.