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A statement from the Sapo's communications general manager Bernard Mugabe said there was no truth in media speculation about its banking division, Postbank, being one of the parties in the bid. "The current situation portrayed in the media is not at all true and the facts were not verified with the Sapo," Mugabe said.
"The Postbank is seen as a key factor in the positioning of the Sapo as a provider of products and services to once under-serviced communities.
"No negotiations have been concluded to justify the current media interest in the company's strategies in this regard."
Mugabe said the acquisition of state-owned assets had to go through a stringent process of authorisations and approval by the Department of Communications.
"Making business decisions such as the joint bid for Saambou would thus definitely not be in the hands of the executive members of the Sapo, but will have to be discussed and approved by the Department of Communications."
Earlier, Ithala executive director Shabir Chohan denied any involvement with the consortium. He said the group was a provincial development finance corporation established "for the express purpose" of promoting economic growth and development and improving the quality of life of previously disadvantaged people in KwaZulu-Natal.
"Our governing legislation precludes Ithala from operating outside the boundaries of KwaZulu-Natal and we could, therefore, not become involved in any project, operation or business partnership which would concern national interests, such as Saambou Bank," he said.
"Our alleged involvement in such a consortium was incorrectly contained in a weekend report in City Press newspaper and thereafter printed in a number of other national newspapers, which referred to the City Press article.
"This, in spite of our indication to City Press when approached to confirm our active involvement on Friday 26 April this year that we were not party to any such group."
"At this stage it is unclear as to how Ithala's name came to be included and the matter is being investigated." A director of banking holding company Meeg Limited, Eric Molefe, who is also a spokesperson for the consortium, told Sapa on Monday the consortium was adamant that the group would go ahead with a bid to buy Saambou.
He said the group had "gone through first rounds" and had been told by Saambou curator John Louw to put a business plan together.
Molefe said the consortium included Meeg, Hlano Investments - whose shareholders include the national civic organisation Sanco - Thebe Investment Holdings, the June 16 Group Holdings and the ANC Youth League.
"We have all the expertise and the asset base to become a force in the industry," Molefe said. Molefe said he had spent Monday negotiating with Ithala and Post Bank, "to get them on board".
Molefe said the proposed consortium, which held assets in excess of R4 billion, would co-operate with FirstRand, who had put in a bid with Louw, to run the bank with government.
Earlier on Monday, banking group Nedcor announced it had withdrawn from a bid to partner the government and the FirstRand banking group to run Saambou.
A statement from the group said the decision was made after Nedcor announced last week that it had offered to buy BoE Limited for R7.3 billion.
"Nedcor has considered its position in relation to a Saambou public-private-sector partnership and decided to withdraw from further discussions with the curator," the statement said.
Laurie Dippenaar, a spokesperson for FirstRand said he was not surprised about Nedbank's move.
"They have bought BoE and will have lots on their plate," he said. Dippenaar also said FirstRand was not aware of a black empowerment consortium that was interested in buying into Saambou.
FirstRand and Nedcor wanted a public-private partnership strategy to rescue Saambou. The strategy, favoured by government, was aimed at rehabilitating the bank for its eventual return to the private sector.
The plan involves FirstRand providing management support while the government would provide liquidity support. Almost R1 billion was withdrawn from Saambou in a few days in February, leaving the Registrar of Banks no option but to place it under curatorship.
Saambou spokesperson Suzette Plantema said Louw could not speak about bids yet, because negotiations about Saambou's future were at a sensitive stage. "I don't think he wants to make statements yet, or at least until there is more clarity on what is going to happen," she said.
"The negotiations are at a sensitive stage and he does not want to prejudice them."
