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Business Times reports that Teba Fund Trust (Teba), which administered Ubank until it was placed under curatorship, says it has not received the proceeds of an R80m sale of the bank to African Bank.
It wants the governor of the Reserve Bank and the finance minister to intervene. In a letter addressed to the Bank's governor, Lesetja Kganyago, and finance minister, Enoch Godongwana, dated September 22 2023, Teba chair and former National Union of Mineworkers (NUM) president Joseph Montisetse advised that the board of Ubank and Teba trustees remained in the dark and did not know why the matter could not be concluded. The Bank placed Ubank under curatorship in May last year to protect depositors' money. At the time it was placed under curatorship, the bank, which provides basic financial services to miners and their families, had 4.7-million accounts. It was administered by Teba, the NUM and the Minerals Council SA. Zola Beseti, a director at KPMG, was appointed curator. Montisetse said he had tried to engage with the curator on how the sale was proceeding and the process of transferring the assets of UBank. He claimed it was unethical that the costs of the curatorship were being borne by Ubank a year after its reported sale to African Bank. Montisetse was adamant the governor had to intervene, but said their letters had not yet been acknowledged.
- Read the full original of the report in the above regard by Dineo Faku at Business Times (subscriber access only)
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