THE much-awaited report into African Bank was released at the close of the markets yesterday, finally offering some insight into the spectacular demise of the lender.Although not one of the big five, so to speak, African Bank was deemed systemically important and, therefore, put into curatorship in August 2014 by the Reserve Bank. Allowing it to collapse would have sharply eroded investor confidence, caused job losses and created other negative socioeconomic issues as it had a client base of 3-million.Advocate John Myburgh paints a picture of an executive and board captivated by then CEO Leon Kirkinis to such an extent that the organisation proved unable to function even remotely close to what was expected of the largest division of a listed entity.Mr Myburgh said there was no evidence that there was intent to defraud depositors, creditors or anyone else.That will come as a relief to Mr Kirkinis whose conduct comes in for strident criticism.The investigation did find, however, that ...

BL Premium

This article is reserved for our subscribers.

A subscription helps you enjoy the best of our business content every day along with benefits such as exclusive Financial Times articles, Morningstar financial data, and digital access to the Sunday Times and Times Select.

Already subscribed? Simply sign in below.



Questions or problems? Email helpdesk@businesslive.co.za or call 0860 52 52 00.