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CIPC issued Media Statement 9 of 2026 on 23 October 2026 about its regulatory action concerning Nova PropGrow Group Holding Ltd (Nova). The statement responds to a Moneyweb article of 19 October 2026, which CIPC says gives "an incomplete and grossly misleading account" of its actions. The account below is CIPC's; it has not been tested by a court or tribunal.
What CIPC says it did
CIPC says it found reasonable grounds to suspect contraventions of sections 22 and 29 of the Companies Act. It says the decision to extend repayment deadlines "was not taken by CIPC", and that litigation, jurisdictional questions and decisions by adjudicative bodies extended the process by about three years in total.
Current status
CIPC describes an inter-regulator investigation as "approaching a Closed Inquiry".
A Companies Tribunal matter was struck from the roll.
The appointment of a new debenture trustee is contested.
CIPC says legal liability is for the courts, tribunals and competent authorities to decide.
Who it affects
Nova investors and their advisers, and practitioners who prepare or review financial statements for companies under a scheme of arrangement.
What this means for accountants and finance professionals
CIPC used a compliance notice under the Companies Act to temporarily stop certain of Nova's business activities and prohibit the sale of immovable property.
CIPC warned that circumventing such restrictions could lead to personal liability for directors.
CIPC says its 2021 measures were informed by its analysis of Nova's annual financial statements and obligations under the Scheme of Arrangement.
CIPC names no directors, auditors or trustee as having done wrong.
What to do
Clients holding Nova debentures should take legal advice on their position.
Read the full CIPC statement before relying on any part of this summary.
Sources: CIPC Media Statement 9 of 2026, Statement PDF
