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WATCH: Viceroy, Capitec and the resulting fallout
Viceroy Research, which exposed Steinhoff’s financial mishaps, has now turned its attention to Capitec Bank. It released a report that called the company “a wolf in sheep’s clothing” and “a loan shark with massively understated defaults masquerading as a community microfinance provider”. Viceroy even called on the South African Reserve Bank and finance minister to place the bank under curatorship, immediately. But Capitec CEO Gerrie Fourie says Viceroy’s report is full of inaccuracies, adding that he believes the report was put out with a clear profit motive as Viceroy is a short seller. Fourie has instructed his attorneys to take up the matter with the Financial Services Board. PSG, Capitec’s biggest shareholder, also wants the matter investigated because the “irresponsible statements” created “unwarranted market turmoil”. The South African Reserve Bank has also thrown its weight behind Capitec. Capitec’s shares initially slumped 24% on the news but managed to gain ground during t...
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