A final liquidation order of King Financial Services was granted in the Cape Town Supreme Court this week.
King Financial Services, like many other porperty syndication schemes offered lucrative returns, way above what reputable institutions and banks could offer. King Financial Service promised returns in excess of 30% p/a. Unfortunately, the company targeted pensioners, who are now the victims of yet another property syndication company that has fallen with the life savings of many retired investors.
Now, the more than 10 000 investors mainly pensioners have little chance of getting back R680 million worth of investments they have made with King Financial Services via a network of brokers around the country.
The agony of facing these now ruined pensioners was to much for Dr. Paul King who instead opted out of life altogether, he committed suicide shortly after the company was placed in provisional liquidation a few weeks ago. Dr. Paul King gassed himself in his motor car on his farm, Kilcairn near Hermon.
Adrian King, Paul King and Stephen King misappropriated investments and misled clients into believing that their investments were safe. The company has been investigated by many authorities including the FSB, but as usual not in time to protect any of the investors. Adrian King allegedly paid himself a salary of over R160 000 per month and a recent court order was made to attach his assets but no assets have been found yet.
Warning: If it sounds to good to be true it is!
