Abil: May face R300m fine

Comment on this story
CorporateBusiness

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.

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


sign up
 
 

Comment Guidelines



  1. Please read our comment guidelines.
  2. Login and register, if you haven’ t already.
  3. Write your comment in the block below and click (Post As)
  4. Has a comment offended you? Hover your mouse over the comment and wait until a small triangle appears on the right-hand side. Click triangle () and select "Flag as inappropriate". Our moderators will take action if need be.