Launch investigation into Capitec immediately and avoid another African Bank debacle

30 January 2018  

South Africa simply cannot afford another imploding bank in the current economic conditions and an investigation into the situation at Capitec must be launched immediately in order to avoid another African Bank debacle, says adv Anton Alberts, chairperson of the FF Plus.

Adv Alberts says that the FF Plus is very concerned about a report by Viceroy Research in which Capitec is accused of being a loan-shark operation. He adds that with its earlier report on Steinhoff, Viceroy proved that its research findings should be taken seriously.

“The FF Plus will request that the National Credit Regulator, Capitec and Viceroy be called to appear before the parliamentary portfolio committee on trade and industry in regard to the management of loans to the public that Viceroy deemed to be ‘reckless’.

“The committee is currently busy reviewing amendments to the National Credit Act and lessons learnt from cases such as these can lead to more amendments being made if needed. These amendments are specifically aimed at protecting the debt-ridden public against reckless lending practices.

“Viceroy also insinuated that there are other South African companies whose finances may not be in order. For the sake of our country, it can only be hoped that the claims do not prove to be true,” says adv Alberts.

Issued by Anton Alberts, FF Plus chairperson and parliamentary spokesperson: Finance, 30 January 2018