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Sarb expresses confidence in Capitec amid Viceroy allegations

Deputy Governor Kuben Naidoo, who is the registrar of banks, says allegations against the bank raised by US-based researchers, Viceroy, are not accurate.

FILE: Deputy Reserve Bank Governor Kuben Naidoo. Picture: YouTube screengrab.

CAPE TOWN - Deputy Governor Kuben Naidoo says the South African Reserve Bank (Sarb) has confidence in the information it's receiving from Capitec, as well as in its audited financial statements which it's interrogated in detail.

Naidoo, who is the registrar of banks, says allegations against the bank raised by US-based researchers, Viceroy, are not accurate.

He was briefing Parliaments Standing Committee on Finance.

Naidoo says the bank will continue to monitor Capitec Bank closely.

“We have confidence in the data that we get from the bank. We have confidence in the audited financial statements.
We have interrogated them and those auditors in detail and, in our view, the substantive allegations raised by Viceroy are not accurate.”

Capitec CEO Gerrie Fourie has told the committee that Viceroy, which he says is not registered as a company and is unregulated, has admitted publicly to profiting from shorting the bank’s stock in the wake of its adverse reports on it.

“So they’re looking for opportunities to attack certain companies and we’ve got very strong information that they will attack another South African company later this week.”

(Edited by Shimoney Regter)