African Bank shareholders given two weeks to amend R2.1bn claim

The 13000 investors, through their representatives, Hlumisa Investment Holdings and Eyomhlaba Investment Holdings, say they suffered loss and damages as a result of the bank being placed under curatorship by the SA Reserve Bank.

They are demanding more than R721 million from African Bank Investment Limited (Abil), African Bank (AB) and its directors at the time the lawsuit was filed in 2015.

The investors are demanding another R1.34bn from Deloitte, the auditor of Abil and African Bank, which they accuse of alleged negligent auditing of the bank’s financial statements.

Hlumisa and Eyomhlaba accuse Abil and African Bank of authorising the publication of financial statements that were false and misleading between 2012 and 2014.

According to Hlumisa and Eyomhlaba, the directors failed to stop…

Read More

  • 1