ABSA had removed all African Bank Investments Limited (Abil) investments from its Absa Money Market Fund, it said on Friday. “This will provide certainty and confidence to investors in the Absa Money Market Fund as the fund will only have exposure to the five large banks and the government,” the bank said in a statement. “Through this clarity we will also ensure that all Absa Money Market Fund investors are treated in a consistent manner going forward.” The Times reported on Friday that investments in the bank’s money market fund were reduced by 0.3 percent after the massive losses in Abil. Last week, the statements of Absa money market account-holders had a line that reportedly read “adjustement (sic) debit” and a rand figure with a negative symbol in front. Several accountholders reported noticing less money in their accounts.
– Sapa