We need to know whether a bunch of crooks were responsible for the collapse of African Bank 

04 April 2016 

We welcome today's launch of the new African Bank under the Chief Executive Officer, Brian Riley, who takes over the reins from the curator, Tom Winterboer, following the collapse of African Bank, which was placed under curatorship on 10 August 2014. 

However, for more than a year details of the African Bank scandal have been swept under the carpet. 

The final report of the formal independent investigation launched into African Bank, in terms of Section 69 (A) of the Banks Act (No. 94 of 1990), which was conducted by Advocate John Myburgh, has never been made public. 

The investigation was instituted by the former Governor of the South African Reserve Bank, Gill Marcus, on 30 August 2014 and traversed inter alia whether or not any business of African Bank:

was conducted recklessly, negligently or with the intent to defraud depositors, other creditors or any other person for any fraudulent purpose; and

was involved in any questionable management practices or material non-disclosures, with the intent to defraud depositors or other creditors. 

The investigation lasted five months and the final report was reportedly completed by 27 February 2015. 

However, for more than a year the final report has been swept under the carpet. 

I have, therefore, written to the Governor of the South African Reserve Bank, Lesetja Kganyago, requesting him to:

provide reasons why the final report of the investigation into African Bank has not been made public;

give an assurance that the final report of the investigation will be made public; and

provide an indication of when the final report of the investigation into African Bank will be made public. 

We need to know whether a bunch of crooks were responsible for the collapse of African Bank. 

Issued by David Maynier, DA Shadow Minister of Finance, 4 April 2016