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CaseLaw
CaseLaw, Attorney
Category: South Africa Law
Satisfied Customers: 906
Experience:  BCom (UCT) LLB (UCT)
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hi there , can you please help me I am considering using a

Resolved Question:

hi there , can you please help me I am considering using a company called SANCE ( South National Commodities exchange ) in South Africa , can you confirm if they are legite
Submitted: 2 years ago.
Category: South Africa Law
Expert:  fraudpro replied 2 years ago.

StopFraudPro :

Hello...

Customer:

hi

StopFraudPro :

There is a such commodity and they do do trades - you just want to be sure that you are actually dealing with someone from that company. Many frauds today consist of people using legitimate companies as fronts

Customer:

sorry it is South African Commodities exchange. Their CEO i

StopFraudPro :

What contact do you have with them? Phone, email address? If email, can you provide the address to me without the @ sign like thompson yahoo.com without the @

Customer:

founder is Leon kearsney

StopFraudPro :

Right - I am aware of the company - I am not aware of the CEO generally dealing with people and I am leary here to start

Customer:

they offer connection between mines and buyers , i am specifically looking to buy coal

Customer:

he is not dealing directly he is the contact mentioned on the website. I have their website as www.sance.co.za

Customer:

will follow with email add

Customer:

chairman sance.co.za or louis sance.co.za

Customer:

are you there/

StopFraudPro :

give me about 15 minutes or so to do some research on a couple things... want to check a couple databases for you

Customer:

thanks , will you email me when I should come back?

StopFraudPro :

Yes, you will receive an email when I update the chat session in a short bit

Customer:

thank you

StopFraudPro :

Still a little iffy on this and having trouble finding any info, good or bad on this company (and it looks like just one individual)

StopFraudPro :

When doing lookup of domain

StopFraudPro :

It all comes back registered just to him

StopFraudPro :

and, the email address listed on the whois lookup is a generic throwaway email address (like yahoo here in the states).

StopFraudPro :

All domains in south africa have the co.za extension so it is difficult to tell legitimate from illegitimate

StopFraudPro :

How is he asking for funding to occur? How are you to send payment to him?

Customer:

I am not at that stage at all , if you check out the web page you will see the process. there is also mention of R1500 joining fee. He seems to have the stock I have been looking for , it has been so tough to get it that it seems too good to be true

StopFraudPro :

You know what - I still see something bad here but I want to send you over to an expert who knows about South African Law and can be sure you get the best advice. These groups are regulated and it does not appear that this group is regulated in South Africa. Let me transfer you over there and I am sure one of our South Africa law experts will be able to assist you further today.

Expert:  CaseLaw replied 2 years ago.
Hi there,

While I can't say whether their product is legitimate or not, I can say the following:

- They are not trading from a registered private company (pty) ltd, or a close corporation (cc), so I don't know what entity you are actually contracting with.

- What are you actually buying? The chance to do business - but only with buyers of ore who also register on his website.

- The website was only registered on the 22nd October 2011. Only a few days ago. Are you willing to spend R1500 on a "company" which was started a few days ago?

- Is there any proof / track record of this "company"?

- Some people are going to get paid simply because of their presence in meetings?

- What international company who wants to purchase $1m worth of ore is actually going to register with SANCE, in order for you to facilitate the deal?

- Do you really think that they've got ore sitting in a warehouse somewhere?

- One of the entities which he is using is called "Welcome to the Net CC" ... is that a mining company, or a company set up in order for him to make money on the internet from unsuspecting people like you?

This all seems to be set up so that he can enlist you an a member, for R1500, and then when you ask what you've actually recieved, the answer is "the chance to be a broker".

My advice: steer clear!

If there is something more specific that you need clarity on, please continue in this same thread.

Good luck and best regards,


CaseLaw


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CaseLaw, Attorney
Category: South Africa Law
Satisfied Customers: 906
Experience: BCom (UCT) LLB (UCT)
CaseLaw and other South Africa Law Specialists are ready to help you

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