SA's financial watchdog has warned the public against doing business with QZ Asset Management, a Chinese multi-level marketing scheme that hosted lavish investment drives at upmarket Johannesburg and Durban hotels.
"The FSCA can confirm that QZ Asset Management is not authorised or registered under any legislation administered by the FSCA or Prudential Authority," it said. Over 3 500 people have also signed an online petition criticising the group and its directors for"maliciously defrauding their investors". "I am so blessed to be among leaders who are leading with transparency and integrity. They are not being shaken by any of the negative news [...] going around social media," states a promoter in a slick video published 10 days ago.
In addition to Johannesburg and Durban, News24 has seen fliers advertising QZ events in Soshanguve, Bethlehem, Ivory Park and Phalaborwa. An archived version of QZ Asset Management's website states that the group was headquartered in Guangzhou, China.