Saambou Bank Limited - Information For Staff, Depo
SAAMBOU BANK LIMITED
(Incorporated in the Republic of South Africa)
(Registration number 1987/005437/06)
("Saambou" or "the bank")
INFORMATION FOR STAFF, DEPOSITORS AND OTHER INTERESTED PARTIES CURATORSHIP
Recent market conditions impacting on Saambou and an abnormal outflow of
funds from the bank late last week have resulted in Saambou experiencing
difficulties in maintaining its required levels of liquidity.
As a consequence, the Minister of Finance has deemed it appropriate to
appoint a curator, Mr John Louw of KPMG Chartered Accountants (SA), to
Saambou. With the written consent of the chairman of Saambou, Mr David
Lawrence, and in terms of section 69 of the Banks Act, 1990 (Act no 94 of
1990) ("the Act"), this took effect from 13:00 on 9 February 2002. Based on
the information rendered in terms of the provisions of the Act, the Office
for Banks has stated that there is no reason to deduce that Saambou is
insolvent.
THE BENEFITS OF CURATORSHIP
The curatorship will serve to facilitate the orderly management of the bank,
including the management of the bank's liquidity situation.
THE IMMEDIATE EFFECTS OF CURATORSHIP
Saambou's branch offices nationwide will be closed to the public for a short
period to afford the curator the opportunity of reviewing the situation and
to decide when to reopen them to the public for designated business as
usual. Saambou will continue to conduct normal banking business, save that:
* Deposits including interest accrued to the date of curatorship, have been
frozen
* Any monies deposited after 13:00, 9 February 2002 will be freely available
* All bonds in the process of registration where guarantees have been issued
will be honoured
* All other cash disbursements will be restricted and placed under direct
control of the curator
* No new business can be written until the curator has issued further
instructions
Provision has been made to fund the clearing and settlement of Saambou's
obligations incurred prior to the effective date of the curatorship, namely
13:00 on 9 February, 2002.
ACCESS TO FUNDS
Mechanisms will be put in place during the forthcoming week to allow
depositors access to a portion of their funds, details of which will be
announced shortly.
COMMUNICATIONS
Saambou clients and members of the public will be kept informed of
developments.
The Saambou website, www.saambou.co.za, will be updated with relevant
information during the period of the curatorship. Call centre telephone
numbers will be published on the Saambou website and in the media during the
course of the forthcoming week.
JOHN LOUW
CURATOR
11 February 2002
KPMG
Profile Group (Pty) Ltd. has taken care in preparing all information on this website, but does not accept any liability for errors or out-of-date information.
