BRIEF-South Africa's central bank to investigate ABIL

Sept 2 Tue Sep 2, 2014 11:31am EDT

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Sept 2 (Reuters) - Jse: Ablp - Abl - South African Reserve Bank ("The Sarb") Investigation Into African Bank


* Arb has today released a further statement relating to institution of a formal independent investigation into african bank, in terms of section 69(a) of banks act no 94 of 1990.

* South african reserve bank (sarb) recognises importance of investigating circumstances that gave rise to african bank being placed under curatorship on 10th august, 2014. - sarb

* It has therefore decided to institute a formal independent investigation in terms of section 69 (a) of banks act no. 94 of 1990. - sarb statement

* Registrar of banks has, pursuant to this decision, appointed adv. Jf myburgh as commissioner in terms of said provisions with effect from 30th august 2014 - sarb

* He will be assisted by vincent maleka, sc, and brian abrahams. Notice to this effect will appear in government gazette of 12 september 2014. - sarb

* Abil board of directors has committed to fully cooperating with commissioner on matter.

* Commissioner is required to complete this investigation within a period of five months from date of appointment.

* A written report will be required to be submitted within 30 days after completion of investigation Source text for Eikon: Further company coverage: