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Johannesburg - The registrar of banks has appointed adv. JF Myburgh as commissioner to investigate African Bank in terms of the provisions of the Banks Act.
He will be assisted by Vincent Maleka, SC, and Brian Abrahams.
The SA Reserve Bank (Sarb) said in a statement it recognises the importance of investigating the circumstances that gave rise to it placing African Bank under curatorship on August 10 2014.
It has, therefore, decided to institute a formal independent investigation in terms of the Banks Act. Notice to this effect will appear in the Government Gazette of September 12 2014.
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.
READ: Why African Bank was a 'perfect storm'
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 it appears that any b
usiness 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.
It must also indicate whether 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 board of African Bank Investments [JSE:ABL] also known as Abil, 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 012 313 4210 or 082 448 9219.
ALSO READ: African Bank: Curator answers questions
He will be assisted by Vincent Maleka, SC, and Brian Abrahams.
The SA Reserve Bank (Sarb) said in a statement it recognises the importance of investigating the circumstances that gave rise to it placing African Bank under curatorship on August 10 2014.
It has, therefore, decided to institute a formal independent investigation in terms of the Banks Act. Notice to this effect will appear in the Government Gazette of September 12 2014.
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.
READ: Why African Bank was a 'perfect storm'
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 it appears that any b
usiness 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.
It must also indicate whether 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 board of African Bank Investments [JSE:ABL] also known as Abil, 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 012 313 4210 or 082 448 9219.
ALSO READ: African Bank: Curator answers questions
