While Coenraad Botha is detained by the Namibian police, the FSCA imposed a fine of R216 million on him for taking unauthorised investments.
The FSCA has fined Coenraad Botha from CBI X SA R216 million and debarred him for a period of ten years after it found in an investigation that Botha, CBI X SA and CBI Association contravened section 11 of the Banks Act.
Botha, through CBI X SA and CBI Association solicited investments from members of the public by promising unrealistic returns of 1% to 4% per week on the invested funds. He also calls himself a “cryptopreneur”.Botha arrested for same kind of alleged contravention in Namibia According to the newspaper Botha denied that they were fleeing the country and said he was only on his way to visit friends in South Africa. Their legal representative, Afrika Jantjies, was arrested at the court for allegedly being their accomplice.
Kazembire Zemburuka, director for strategic communication and international relations at the Bank of Namibia, said in a statement that Botha’s actions were a contravention of section 6 of the Namibian Banking Institutions Act. FSCA warns consumers to be careful when investing
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