Beswick and counsel for Metro attended a meeting of the Committee on 14 April 2000. Holsthauzen was not present at this meeting because he had to attend a funeral and the attorney was otherwise occupied. Beswick could offer no explanation of the accounting procedures that were followed when money was paid into the Metro account for Holsthauzen’s shares that were sold to the public. It was difficult for Beswick to answer any questions that were put to him about Metro and its procedures. It appeared that he was the managing director of Metro in name only and that he was not involved in the management of the company.

After the meeting with Beswick and counsel for Metro, the Committee resolved that a 8(1)(a) investigation be undertaken into the business practices of Metro Cash Loans Ltd, its directors and any employee, agent and/or representative of any of the aforementioned in respect of the activities of Metro Cash Loans Limited.

On 17 April 2000 an investigating officer of the Committee called Beswick and arranged to meet with him, Holsthauzen, the bookkeeper and/or auditor of Metro and any legal representatives the parties wished to have present on 20 April 2000. An attempt was made on 18 April 2000 to contact counsel for Metro in order to inform him of the Committee’s resolution and the meeting scheduled for 20 April 2000. He was unavailable and he was only contacted on 19 April 2000.

A draft of the notice of the investigation was handed to him on 20 April 2000. He was told that the notice would probably be published in the Government Gazette of 5 May 2000, but that the publication thereof could be delayed to 12 May 2000 due to the many public holidays towards the end of April 2000 and the beginning of May 2000.