Firstrand Limited - Media Release
Release Date: 31/07/2003 13:58:40 Code(s): FSR
FirstRand Limited - Media Release
FirstRand Limited
(Incorporated in the Republic of South Africa)
Registration number: 1966/010753/06
Share Code: FSR ISIN: ZAE 000014973
("FirstRand")
FIRSTRAND MEDIA RELEASE
The Board of FirstRand today confirmed that the four-month independent enquiry
(conducted by attorneys Hofmeyr Herbstein & Gihwala and accountancy firm
Deloitte & Touche) into newspaper allegations of corrupt practices by Mr Mac
Maharaj, a non-executive director of the group, has been concluded. This was
started as a result of an article that appeared in the Sunday Times on 16
February 2003.
In its announcement of 18 May 2003, FirstRand undertook to reach a final
conclusion during the course of July 2003, however the final report took longer
than expected to complete, mainly due to the fact that Mr Schabir Shaik only
granted the enquiry team an interview on Friday 26 July 2003.
The final report on the investigation was completed on Monday 28 July 2003,
submitted to the South African Reserve Bank and the Financial Services Board on
Tuesday 29 July 2003 and submitted and discussed by the FirstRand Board at a
special board meeting on Wednesday 30 July 2003.
In addition, to ensure due process, the Board is allowing Mr Maharaj to make a
submission responding to the final report. Mr Maharaj has undertaken to submit
the response within seven (7) days, and the Board expects to announce a decision
shortly thereafter.
Ends
Contact: Beth van Heerden Head Communication
Telephone: 012 673 7325 Mobile: 082 809 2344
E-mail: bvheerden@momentum.co.za
31 July 2003
Sponsor
Rand Merchant Bank
A Division of FirstRand Bank Limited
Corporate Finance
Date: 31/07/2003 01:58:42 PM
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