R699 a month car founder lives in luxury: report

The City Press reported that Albert Venter – the main behind the ‘R699 a month’ car scheme – is living an expensive lifestyle with luxury cars, expensive holidays and a mansion in Mooikloof.

According to the newspaper Venter’s cars include a Ferrari FF, Porsche Cayenne Turbo S, Maserati Spyder and Nissan Infiniti SUV – all parked behind glass garage doors visible from the street.

The City Press also reported that he took regular extravagant overseas holidays to Britain and Switzerland, and hired a butler who prepares him healthy meals.

Over the past few weeks many reports emerged about the collapse of the R699 a month car business.

In early July IOL reported that the Satinsky Group – the company behind the “New car from R699 per month” deals – has “effectively pulled the plug” on the arrangement in its current form.

Satinsky Group distanced itself from the failed scheme, saying that Hong Kong based Blue Lakes Trading & Promotions was the company behind the “sponsored” car payments.

“Blue Lakes Trading & Promotions is a separate company with no ties to our company. It is based in Hong Kong and is a trading, promotions & advertising company,” a spokesperson told IOL.

Many people and industry players spoke out against the scheme, branding it a scam and even a Ponzi scheme.

Vehicle and asset financer, WesBank, says it doubted the authenticity of the Satinsky Group’s R699 per month car scheme from the start, saying its due diligence into the group pegged it as a Ponzi Scheme.

A Gauteng based consumer activist has called the R699 per month car deal a scam, and alleges some fraudulent activity within the scheme. “I believe it’s a scam,” Simon Lapping told CNBC Africa.

More on the R699 car saga

The inside story of the R699 car scheme

R699 cars a Ponzi Scheme: Wesbank

R699pm car business falls apart: report

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R699 a month car founder lives in luxury: report