Capitec says loan shark report appears to be filled with errors

Capitec Bank said on Tuesday that a report accusing it of being a loan shark appears to be filled with errors.

“Capitec received a copy of the Viceroy research report on Capitec at 10 am this morning. Shareholders are advised that Capitec has not been approached by Viceroy for insight into our business and none of their allegations have been discussed‚ tested or verified with management‚” the bank said in a statement.

“We believe our corporate governance is strong and our communications and disclosures are‚ and always have been transparent‚ clear and to the point. On the face of it‚ the report is filled with factual errors‚ material omissions in respect of legal proceedings against Capitec and opinions that are not supported by accurate information.”

Capitec said it was reviewing the report and would respond in detail later in the day.

The Viceroy research report was seen by the public on Tuesday and described the company as a loan shark. Researchers further urged the SA Reserve Bank and Finance Minister Malusi Gigaba to place Capitec under curatorship.