FIO Capital / Ajay Wasserman – Failure to repay investment after lawful exit
Premium Moeletsi Resources (Pty) Ltd entered into an investment arrangement with FIO Capital (Pty) Ltd, represented by Mr Ajay Wasserman, under a formal Debenture Agreement and a Short-Term Loan Agreement.
We invested a total of R4,500,000 (R3.5m debenture + R1m short-term loan).
In terms of the signed agreements, we exercised our contractual right to exit the investment and provided the required 90-day written notice for repayment of our capital.
That notice period has now expired.
Despite:
• Full compliance with the contractual exit process
• Multiple written demands
• Formal delivery of settlement notices
No capital has been repaid.
No lawful justification has been provided for non-payment.
This constitutes:
• Breach of contract
• Failure to honour financial obligations
• Unreasonable delay of investor funds
We have now escalated this matter legally and to the Financial Sector Conduct Authority (FSCA).
We strongly caution potential investors to conduct independent due diligence and ensure any exit rights are clearly enforceable before investing with this entity.
In addition to the failure to repay, communication from Mr Ajay Wasserman has been minimal and inconsistent. Numerous written communications were sent requesting confirmation of repayment and settlement. In most instances, no response was received, and where responses were received, they did not provide any clear repayment date or lawful basis for non-payment.
We remain willing to resolve this matter amicably through immediate repayment of the outstanding capital and interest due.