Good week for Gerrie Fourie, bad week for Patricia de Lille
Capitec bounced back after US-based Viceroy Research’s blistering attack torpedoed the local lender’s share price. CEO Gerrie Fourie’s systematic handling of Viceroy’s claims seems to have paid off, though the stock is still off nearly 19% since it was leaked that the bank was the short seller’s next target. Capitec has had widespread support, including from the Reserve Bank, which says it is well capitalised and solvent. Futuregrowth and S&P concur, while fund managers and analysts seem to agree Viceroy’s report is flaky.
Things look increasingly bleak for Cape Town mayor Patricia de Lille. Her own party, the DA, has laid criminal charges against her after businessman Anthony Faul claimed she asked for a R5m payment in relation to a potential deal some time ago. De Lille’s relationship with the DA has crumbled as she faces internal charges of tender bending and maladministration. Then there’s the motion of no confidence the party has brought against her in the city council. She quite possibly could be out of a job by the end of next week.