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The Financial Services Board on September 19 issued a statement which included FutureFin among the list of firms whose applications for a licence had been declined.
FutureFin is a division of vehicle financing firm Wesbank. The company is well-known for its billboards depicting sports cars and offering customers the opportunity to drive such vehicles for only R2 900 per month per million rand.
On its website FutureFin Finance says that it provides an "innovative structured vehicle finance product specifically tailored to all individuals and corporates who wish to purchase lifestyle assets on a term facility over a two- to three-year period, at greatly reduced repayments by comparison to traditional financing structures."
FutureFin (Pty) Ltd has been trading under the FSB-issued FSP number of 26 560.
According to its website, the FSB received FutureFin's application for a licence on July 13 2007. The application was sent to the FSB licensing committee on September 9 2008 where it was subsequently rejected. The FSB took steps to inform the public that the licence application had been declined 10 days later, on September 19.
FutureFin, launched in 2006, became a division of Wesbank in September 2006, according to a press statement. It was founded by Zunaid Moti, who heads up the Abalengani Group.
Fin24.com approached Moti for comment but he did not return phone calls on Tuesday or Wednesday.
Wesbank has also declined to comment, saying it will issue a press release in conjunction with FutureFin next week.
According to a Sens announcement related to JSE-listed DNR Capital, a company in which Abalengani has an equity holding, the Abalengani group is "a black-owned group of companies (which includes Abalengani Equities and Xeedan Holdings) headed by Zunaid Moti.
"[It] is invested in a wide range of industries with a focus on land banking, property development and financial services. One of the Abalengani Group's landmark developments is the Nondela Drakensberg Mountain Estate currently under construction in the Drakensberg region of the KwaZulu-Natal Province.
"The Abalengani Group's financial services arm is well known under the FutureFin finance banner and the group's Future Exotics lifestyle emporium in the Western Cape."
- Fin24.com
