Question NW3237 to the Minister of Trade and Industry
26 October 2017 - NW3237
Macpherson, Mr DW to ask the Minister of Trade and Industry
(a) What is the status of the audit commissioned by the National Credit Regulator into potential reckless loans by African Bank held by the SA Reserve Bank and (b) by which date will the specified audit be completed?
Reply:
The first phase of the audit has been completed. The second and final phase will be commencing before the end of October 2017. African Bank held a very large loan book and the transactions revealed a level of complexity. We will provide information with regards to the completion date of the audit in due course.