African Bank re­port slams di­rec­tors

CityPress - - Business -

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

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