CEO and founder of Livestock Wealth Ntuthuko Shezi. According to a company statement ‘every transaction involving investor funds has been accounted for’. Picture: SAB Foundation The Financial Sector Conduct Authority (FSCA) has confirmed that it has concluded its investigation into crowdfarming platform Livestock Wealth, but says it is still to issue details of its findings.
This comes after Livestock Wealth issued a press statement in which it claims that the FSCA found no wrongdoing. “The investigation found no unlawful activity by Livestock Wealth regarding their investor products and dealings with investors,” reads a statement issued by Sibongile Shezi on behalf of Livestock Wealth on Wednesday. According to a February 2022 Instagrampost, Sibongile Shezi is Livestock Wealth’s PR manager.
“In particular, there was no misappropriation of investor funds, and all such funds had been properly accounted for.” The FSCA announced that it was conducting an investigation into Livestock Wealth and its associated company, Livestock Wealth Financial Services, in January 2024 after receiving complaints from investors who were not being paid their profits after investing in calves, pregnant cows, macadamia trees and portions of farmland. Several investors spoke to Moneyweb after the publication of the first article about the FSCA warning the public against investing with Livestock Wealth. One serious compliant came from a stokvel, which alleged that it was owed nearly R140 000 and had been struggling for months to receive payment. Livestock Wealth founder and CEO Ntuthuko Shezi was especially unhappy with a subsequent Moneyweb article in June 2024, which raised questions about investors struggling to withdraw their money – so much so that he lodged a complaint with the Press Council of South Africa.
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