Yip, that is what you do, use the last bit of investors money that is left. employee
some people
, let them run around doing cr
p. Then at the end say, althought millions was spend looking at what went wrong, nothing is left... Same old Bullsh
t every frikkin
time.
SOUTH AFRICAN RESERVE BANK ("the SARB") INVESTIGATION INTO AFRICAN BANK
On 10 August 2014, the SARB released a statement, placing African Bank into Curatorship. The SARB has today
released a further statement relating to the institution of a formal independent investigation into African Bank, in terms of
section 69(A) of the Banks Act No 94 of 1990.
The full SARB statement is set out below:
"The South African Reserve Bank (SARB) recognises the importance of investigating the circumstances that gave rise to
African Bank being placed under Curatorship on 10th August, 2014. It has therefore decided to institute a formal
independent investigation in terms of section 69 (A) of the Banks Act No. 94 of 1990. The Registrar of Banks has,
pursuant to this decision, appointed Adv. JF Myburgh as Commissioner in terms of the said provisions with effect from
30th August 2014. He will be assisted by Vincent Maleka, SC, and Brian Abrahams. Notice to this effect will appear in the
Government Gazette of 12 September 2014.
Advocate Myburgh will, among other matters, investigate the business, trade, dealings, affairs, assets and liabilities of
African Bank. These duties will be performed as outlined in section 69(A) of the Banks Act and in terms of sections 4 and
5 of the Inspection of Financial Institutions Act 1998 (Act NO. 80 of 1998)
The Commissioner is required to complete this investigation within a period of five months from the date of appointment.
A written report will be required to be submitted within 30 days after the completion of the investigation.
The report should indicate, among other things, whether or not:
1. it appears that any business of African Bank was conducted recklessly, negligently or with the intent to defraud
depositors, other creditors or any other person for any other fraudulent purpose;
2. the business of African Bank involved questionable management practices or material non-disclosures, with the
intent to defraud depositors or other creditors. Should this appear to be the case, the Commissioner should
indicate whether any person party to such questionable practices has been identified."
The ABIL Board of Directors has committed to fully cooperating with the Commissioner on the matter.
All queries with regard to the Commission should be addressed to Hlengani Mathebula, Head of Group Strategy and
Communications at the SARB on +27 12 313 4210 or +27 82 448 9219.
On behalf of the Board
Midrand
2 September 2014
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