2010-11-14: Media Release: The South African Bank Note Company

The Board of the banknote printing subsidiary of the South African Reserve Bank has become aware of certain issues within the technical operations of the South African Bank Note Company (SABN) and has addressed these matters comprehensively.

The Bank confirms that disciplinary action against the Managing Director of the SABN [Musa Mbhele] is underway after an operational problem was identified. Immediately the board of the SABN became aware of the issue, the MD was suspended in accordance with the Bank's policy of holding its officials accountable.

The SABN Board has also ensured that the necessary corrective action has been taken to address the problem. An acting MD has been appointed and the SABN's operations continue to run smoothly.

In keeping with the Bank's sound labour practices, a disciplinary inquiry is providing the suspended MD of the SABN with an opportunity to present his position fully.

South Africa's bank notes are produced to the highest international security standards. The South African Reserve Bank has complete confidence in their integrity.

Statement issued by Hlengani Mathebula, Head: Communications and Strategy, SA Reserve Bank, November 14 2010

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