The land and Agriculture Development Bank has asked its head of internal audit, Yatheen Ramrup, who had become acting CFO from May 14, to take precautionary leave of absence, acting chief executive Konehali Gugushe said on Friday. File photo: Reuters.
CAPE TOWN - The land and Agriculture Development Bank has asked its head of internal audit, Yatheen Ramrup, who had become acting CFO from May 14, to take precautionary leave of absence, acting chief executive Konehali Gugushe said on Friday. 

This followed allegations of possible misconduct on the part of Ramrup. 

An investigation was under way. Ryan Engle, general manager: finance, had become acting CFO. The bank also said that during a February 2019 roadshow to investors, concerns were raised about allegations involving the conduct of board members of the Public Investment Corporation (PIC), including Dudu Hlatshwayo, who is the Land Bank’s deputy chairperson and a member of its credit and investment committee. 

Hlatshwayo resigned from the PIC board on February 1, 2019, but continued her board membership at the Land Bank. Gugushe said the PIC Commission of Inquiry had subsequently confirmed that a lifestyle audit performed by PWC and the forensic investigation by the PIC commission found no evidence implicating Hlatshwayo in any wrongdoing in general, and specific to the Karan Beef transaction, as mentioned in an email authorised by a certain “James Noko”. 

The bank was in the final stages of finalising the appointment of a permanent CFO. 

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