Gerrie Fourie, Capitec's CEO. File Image: IOL

CAPE TOWN - Capitec Bank chief executive Gerrie Fourie told Parliament members on Tuesday that the structure at Viceroy Research was questionable.

Viceroy Research as an institution is not stable, according to Fourie.

The research company is essentially made up of three people, two Australians, Aidan Law and Gabriel Bernarde, as well as a UK national, Fraser Perring.

What is more troubling is that the research company is linked to at least three hedge funds.

Fourie said that Viceroy was not regulated. The company’s structure is not disclosed and is not audited.

Capitec said Viceroy, in the past, had shorted the stock of a company right before issuing a report on the very same company.

Fourie told the Standing Committee on Finance that Capitec provided its clients with credit responsibly and that the market was in a better place since the bank was created.

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-BUSINESS REPORT ONLINE