What has PhumelelaGold done with OUR money????

James Goodman had a very informative show yesterday and focused on carryover monies. The show can be viewed here:



I took a few things out of the show and as a punter I feel we have the right to know exactly what is happening with OUR money when carryovers occur. The following was highlighted:

1. There is no public accountability concerning the carryover amounts. There are shortfalls in the amounts carried over and the amounts pools have been boosted.
2. Carryover rules changed in 2012 and PhumelelaGold were allowed to change rules from the carryover going to the next local meeting ( from where the carryover ocurred ) to having to use the carryover in a 12 month period.
3. No mention is made of interest earned on these carryover pools. An amount of R50M is mentioned in the last 17 month period on P6 pools only. Interest on that would amount to a conservative R5M plus. Where did this money go and how is it being accounted for both presently and historically?
4. Has this carryover money been used for anything other than boosting tote pools? I AM PARTICULARLY INTERESTED IN FINDING OUT IF ANY MONEY WAS UTILISED TO ACQUIRE SUPABET SHARES
5. Who is the person responsible for making decisions on the carryover amounts and why are the balances not made public on a weekly basis?

These are our monies. They belong to the punters who invested in these pools. Heads should roll.

Do banks pay interest?

Bob Brogan wrote: Do banks pay interest?

Sure they do. 7% over 12 months on offer at 2 banks after a quick google search. Remember the R54M Goodman quotes is purely on P6 and local meets only.

Where is the money????

Wish you luck on trying to get an answer or any transparency from the Phumelela group? BR, whom ever is running the numbers now?

Maybe try clocking the gallop with a guest from Phumelela.

We all live in hope for some transparency.

......Ja another gr8 idea that the original rocketmen conjured up to make a few more shekels for their bonus's..... funny how handicappers and accountants have one thing in common.....their arithmetic leaves much to be desired......:dry:

James hi,The points you raise are burning issues .For far too long we the punters are taken as a bunch of idiots .I raised this matter on the sporting post when Phumelela went into business rescue bad sadly no constructive response .You have done the calculations ,can i suggest that you annex the spreadsheet and a covering letter to The Gold Gircle and Phumelela board of directors giving them a week to respond failing which file your submissions to the Gambling Board ,Financial Services Board and the Gambling Ombudsnan to investigate this matter.
Point of fact is that the Carryover pools are not being carried over with any TRANSPERANCY ...They add R200K to pic6 pool and we supposed to be happy ?? What about our millions that are still sitting in no man's land ! One final point the story about having a monthly carryover is nonsense .Carry overs must take place at next meeting end of story .

In whose account does “your” money sit? It certainly is not your account.


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In the past a carryover at a specific province was added to the next meeting in that province.
E.g.. KZN P6 carryover added to the next KZN meeting....etc