The Financial Sector Conduct Authority (FSCA) warns you to act with caution when dealing with HRIH Investments and with Global Election Investments.

HRIH Investments

The FSCA received information about the activities of HRIH Investments through Facebook posts. HRIH Investments purports to be “the only conceded cyber-asset investment company with the FSCA”, and that it has a “high ranking with the FSCA”. 

HRIH Investments claims it is 100% legitimate and secure, and offers an unreasonably high return on their investments, the FSCA says. 

It says HRIH Investments is not authorised in terms of the Financial Advisory and Intermediary Services (FAIS) Act to render financial advice and intermediary services, and does not have any relationship with the FSCA, as claimed.

Global Election Investments

According to information received, this company and its key individuals, Melissa Denraj and Shaunita Singh, purport to be financial services providers. 

The FSCA says that Global Election Investments, Denraj and Singh are not authorised in terms of the FAIS Act to render any financial advice and intermediary services.

The FSCA reminds consumers who want to do business with an institution or person to check beforehand with the FSCA on either the toll-free number 0800 110 443 or www.fsca.co.za whether or not such institution or person is authorised to render financial services.

Penalty

The FSCA has imposed an administrative penalty of R50 000 on Shepherd Bushiri Investments (SBI) for contravening the Financial Markets Act. SBI claimed to be an exchange but was not licensed to operate such a platform.

As aggravating factors, the FSCA considered, among other factors, that the breach took place over about 12 months. In mitigation, the FSCA considered, among other factors, that SBI admitted to the contravention and co-operated with the FSCA. – Staff Reporter