Teba Fund Trust still waiting for R80m proceeds from sale of Ubank
Trust wants Reserve Bank governor, minister of finance to resolve impasse
Teba Fund Trust (Teba), which administered Ubank until it was placed under curatorship, says it has not received the proceeds of an R80m sale of the bank to African Bank. It wants the governor of the Reserve Bank and the finance minister to intervene.
In a letter addressed to the Bank's governor, Lesetja Kganyago, and finance minister Enoch Godongwana dated September 22 2022, Teba chair and former National Union of Mineworkers (NUM) president Joseph Montisetse says the board of Ubank and Teba trustees remain in the dark and don't know why the matter cannot be concluded. ..