African Bank report slams directors
The release this week of the report week by the Myburgh Commission of Inquiry, appointed to investigate the collapse of African Bank, is giving those suing the failed bank’s directors a lot of extra ammunition.
Two broad-based BEE schemes set up by African Bank Investments Limited (Abil), the JSE-listed owner of African Bank, are already getting their lawyers to update their existing claims against the board following the release of the report.
The Hlumisa and Eyomhlaba shareholders had already earlier this year lodged a damages claim aimed at the former board of Abil as well as the bank’s auditor, Deloitte. African Bank’s BEE partners can now finally use these damning details in their case. Desmond Lockey, chairman of Hlumisa, told City Press on Friday that their counsel was working through the report to amend and strengthen their existing case, which seeks to claim R2 billion. “These people must come to court and answer for what they did. Some of those directors are very wealthy people.”
– Dewald van Rensburg