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Absa unit fined by FSB

Johannesburg - Absa Investment Services, a unit of Absa Group [JSE:ASA], has to pay a R170 720 fine for not maintaining sufficient current assets to meet its liabilities, the Financial Services Board (FSB) said on Friday.

"Absa Investment Services admitted the contravention and agreed to settle the matter," the FSB said.

Absa had contravened the Pension Funds Act by not maintaining sufficient current assets to meet its current liabilities in 2010.

It had also failed to maintain the required proportion of liquid assets to annual expenditure.

The FSB said the pensions registrar had taken into account that Absa Investment Services officers accepted responsibility and had cooperated in the investigation.

They had also shown remorse.

"Consequently, the registrar agreed to a penalty of R170 720, which penalty was imposed by the Enforcement Committee on ABSA Investment Services on 29 September 2011."
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