Fractional Ownership News

VOASA press release Golf & Leisure Joint Ownership

Date: 08/02/2011
Article source: VOASA

Press Release: Golf and Leisure Joint Ownership (Pty) Ltd, Formerly trading as Seeff Fractional Ownership (SFO)

VOASA (Vacation Ownership Association of Southern Africa) is a self-regulatory body duly mandated by the Department of Trade and Industry (DTI) to regulate and control all aspects of shared vacation ownership schemes (“schemes”).  Within the various categories of membership of VOASA, provision is made for fractional ownership developers and management companies respectively.

Some Fractional Ownership Developers did apply for membership of our association and were accepted.  SFO did not apply and as a consequence is not a member of our association.  We were advised that the audit of the development company had to be finalised prior any submission of applications.

Currently an audit of the various fractional companies developed by SFO is being conducted by Mr. Mark Jaftha, an independent auditor.  We have met with him to discuss progress and have offered to assist in the audit, if necessary.

In the latest report received from Mr.

Mark Jaftha, he alludes to the issue of the levy reconciliation.  Alpha Management Services (Pty) Ltd (AVM) did apply for membership of our association within the managing agent / company category.  The application was scrutinised and turned down at a VOASA Board meeting. In our opinion their were material irregularities, which we have reported to the EAAB (Estate Agents Affairs Board).

For more information contact Mr. Alex Bosch, Executive Director of VOASA
Tel: 021 914 9693
Fax: 021 914 5202
Email: voasa@voasa.co.za
Website: www.voasa.co.za