Viceroy Research may have lost this round in its running saga with Capitec, but the country's fifth-biggest bank should brace itself for further onslaughts as the short seller is likely to remain a thorn in its side. "We have persisted in public critique of Capitec because we believe it is still materially overvalued and continues to present misleading analysis to the public," Viceroy said on Friday in response to questions. "We are not satisfied with Capitec's response and will present a further statement in due course. Capitec continues to sidestep our questions and deliver statements with divergent interpretations of our questions." In January Viceroy urged the Reserve Bank to place Capitec under curatorship, claiming it would collapse as a result of reckless lending. In an open letter to Capitec's audit committee this week, it said the bank's financial results, released in March, reflected "deteriorating business conditions". Capitec's share price fell marginally within an hour ...

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