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Abil: May face R300m fine

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Johannesburg - South Africa's biggest unsecured credit lender, African Bank Limited, said on Friday the country's credit watchdog has proposed a 300 million rand ($34 million) fine following an industry-wide probe into possible reckless lending.

The bank said it “contests” the allegation of reckless lending by the National Credit Regulator against it.

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African Bank said its own investigation in November 2011 showed that 15.5 million rand worth of loans were fraudulently granted. - Reuters

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