Why was African Bank report not referred to NDPP? asks DA

The Democratic Alliance has welcomed the report of the independent investigation conducted by Advocate John Myburgh into the collapse of African Bank‚ but wants to know why the report was not referred directly to the National Director of Public Prosecutions when it was completed in 2015.

The probe found that although there was no evidence the business of the bank had been conducted with the intent to defraud depositors or creditors‚ the business was conducted negligently and recklessly.

It also found that that the boards of African Bank Investments Limited and African Bank Limited were party to the conduct which led to the collapse of African Bank.

“The fact that the final report of the independent investigation found that the business of the bank was conducted negligently and recklessly‚ raises the question why the final report was not referred directly to the National Director of Public Prosecutions‚ at the time it was completed in 2015?” said DA spokesman on finance David Maynier.

He said the Banks Act (No. 94 of 1990) was clear: if it appeared that any business of the bank was carried on recklessly and/or negligently‚ the report should have been referred directly to the National Director of Public Prosecutions. “I will‚ therefore‚ be writing to the Governor of the South African Reserve Bank‚ Lesetja Kganyago‚ requesting him to:

- explain why‚ given the findings‚ the final report of the independent investigation into the collapse of African Bank‚ was not referred to the National Director of Public Prosecutions; and - whether‚ given the findings‚ the final report of the independent investigation into the collapse of African Bank‚ will be now referred to the National Director of Public Prosecutions?”