S.Africa's central bank to investigate failed lender Abil

JOHANNESBURG, Sept 2 Tue Sep 2, 2014 10:45am EDT

Related Topics

JOHANNESBURG, Sept 2 (Reuters) - The South African Reserve Bank has launched an investigation into failed lender African Bank Investments to determine if it engaged in reckless conduct or questionable management practices, the central bank said on Tuesday.

African Bank Investments, known as Abil, was rescued in a $1.6 billion bailout led by the central bank last month after the unsecured lender was hit by waves of bad debt.

(Reporting by David Dolan and Helen Nyambura-Mwaura; Editing by Stella Mapenzauswa)

Comments (0)
This discussion is now closed. We welcome comments on our articles for a limited period after their publication.