Abil delays results announcement | Fin24
In partnership with
  • Cadre Cover

    The ANC is planning to launch a funeral policy scheme for members and supporters.

  • VBS Collapse

    Ramaphosa has acknowledged South Africans' impatience to see justice done.

  • Fin24’s newsletter

    Sign up to receive Fin24's top news in your inbox every morning.


Abil delays results announcement

Nov 04 2014 10:29
Johannesburg - Failed lender African Bank Investments (Abil) said on Tuesday it has delayed publication of its annual results as it untangles "audit complexities" related to the business rescue of two of its units.

Abil collapsed in August under the mounting weight of bad debts, leading the Reserve Bank to step in with a R17bn rescue plan that saw the bank placed under curatorship, or outside supervision.

READ: African Bank placed under curatorship

Abil said the placement of Ellerine Furnishers Proprietary Limited and Ellerine Holdings Limited, both units of the lender, under business rescue had "resulted in these entities being deconsolidated" or split from the group.

READ: Rescue plan for African Bank

"This has resulted in some accounting and audit complexities that will take some time to resolve and therefore the announcement of the annual results is expected to be delayed."

Abil's results for the year to the end of September 30 were scheduled to be published on November 17. It gave no new date.

The Reserve Bank said in September it was investigating Abil for reckless lending, questionable management practices and fraud.

abil  |  financial services


Read Fin24’s Comments Policy

24.com publishes all comments posted on articles provided that they adhere to our Comments Policy. Should you wish to report a comment for editorial review, please do so by clicking the 'Report Comment' button to the right of each comment.

Comment on this story
Comments have been closed for this article.

Company Snapshot

Money Clinic

Money Clinic
Do you have a question about your finances? We'll get an expert opinion.
Click here...

Voting Booth

What's your view on deep sea mining?

Previous results · Suggest a vote