Johannesburg - The directors of the newly launched African Bank have distanced themselves from the controversy that surrounded the old African Bank, which was placed under curatorship by the SA Reserve Bank in August 2014.
“The Myburgh Report was commissioned by the Reserve Bank to investigate the affairs of the old African Bank and has nothing to do with the new African Bank that was launched today,” Brian Riley, the chief executive of African Bank, said. “All of the current directors at the new bank are newly appointed and have been vetted by the Reserve Bank in the ordinary course of making such appointments. We have no information as to when or if the Myburgh Report may be published.”
Riley was responding to DA finance spokesman David Maynier, who raised concerns on the unpublished findings.
“We welcome today’s launch of the new African Bank. However, for more than a year details of the African Bank scandal have been swept under the carpet,” Maynier said. “The final report of the formal independent investigation launched into African Bank, in terms of section 69 (A) of the Banks Act (No. 94 of 1990), which was conducted by Advocate John Myburgh, has never been made public.”