Today I was informed that my grandma just lost 450,000 rand.

Discussion in 'Politics & Religion' started by rowenwood, Feb 13, 2004.

  1. A South African comapny she had bonds in went bankrupt. I told her to fire her accountant. If anyone has any recomendations for my grandma regarding getting her money out of SA and into USA (she is a US resident) please let me know. My family is getting "bled dry." We were worth over 10 m US before the SA eco turned to shit, now less than 2m.

    We need help. I don't know enough about their strict regulations to infrom my law fearing granny what to do. I'm furious about this 450,000 r loss. There is no excuse for allowing her money to go down with the ship. What can we do?
     
  2. Will their regulations allow grandma to open up an account with Interactive Brokers Brokerage Company and give you trading discretion?

    Michael B.

     
  3. Rowenwood:
    Rather than posting your private financial business on a public website, you should simply find a competent U.S. based accountant. I am guessing that he or she will suggest you transfer assets to either a bank whose headquarters are located offshore (Carribean, USA, Swiss) or simply start to invest in US backed assets (treasuries for instance), or Euro denominated assets. Spending some of those remaining assets to obtain good legal advice should also be done, and quickly. Good luck, Steve46
     
  4. SA has very strict regulations regarding taking money out of the country, which is mostly why my grandparent's money has withered from 1 rand to 4 US dollars to the current 12 rand to 1 US.

    But this is the type of question I need certain answers to. To understand the regulations is a huge undertaking and I don't have much free time, and so I'm hoping for some imediate and easily obtained answers and direction from an ET know it all. Please let me know.

    Steve: obviously I don't find monetary value to be a very private issue, and so if you don't have an intelligent reply, please don't annoy me. Those recomendations have already been considered. But I do thank you anyway.
     
  5. Rowenwood:
    The last thing I intend is to "annoy" you. Apparently you are unable to recognize an "intelligent" reply when it is presented. I can assure you I won't make that mistake again. Good luck to you and your poor Grandmother. Steve46
     
  6. Good Luck Rowenwood
     
  7. klutz

    klutz

    rowen

    the money that is still tied up in SA is hostage to the fluctuations in the vaue of the rand but I believe that one is able within SA to invest in dollar/sterling/euro denominated assets which solves that problem

    with regard to moving the money to US............your SA advisers are unlikely to be of much help......{ once the money leaves their fees stop }. Contact the major SA banking institutions for advice as the laws have changed a lot recently and your grandma might be entitled to move more than she knows about.

    good luck
     
  8. Actually, you have taught me an important lesson. I really don't care "enough" to do more than wish you (and your grandmother) the best of luck. Take Care, Steve46
     
  9. and apologize

    Klutz, thanks for that. I'm going to ask an authority about investing in dollar/sterling/euro denominated assets.
     
  10. Yeah but most of that 2 m is still in SA. and the 600,000-800,000 in the us isn't enough for life in marin county, ca
     
    #10     Feb 13, 2004