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FIRSTRAND LIMITED - MEDIA STATEMENT
FIRSTRAND LIMITED
(Incorporated in the Republic of South Africa)
(Registration number: 1966/010753/06)
Share Code: FSR
ISIN: ZAE000014973
MEDIA STATEMENT
The following is a copy of a media statement issued by Ansbacher (Cayman)
Limited ("Ansbacher") for information purposes only.
"MEDIA STATEMENT: 17th DECEMBER 2003
Re SETTLEMENT BY ANSBACHER (CAYMAN) LIMITED AND OTHERS OF THE APPLICATION BY THE
IRISH MINISTER FOR JUSTICE EQUALITY AND LAW REFORM FOR COSTS OF INSPECTION.
On Tuesday 16th December 2003 the application by the Irish Minister for
Justice, Equality and Law Reform (`the Minister") to recover the costs and
expenses of the Inspection into Ansbacher (Cayman) Limited (`the Bank") was
settled in the Irish High Court.
The Minister"s application involved -
Ansbacher (Cayman) Limited
Hamilton Ross Company Limited
Guinness & Mahon (Ireland) Limited
Guinness Mahon & Company Limited (London)
Henry Ansbacher London Limited
CRH Plc
Bank of Ireland Private Banking Limited
IIB Bank Limited
The Central Bank of Ireland
Pursuant to the settlement, the Bank and certain of the other parties have made
a contribution to the costs and expenses incurred by the Minister. In the case
of the Bank, this contribution amounts to approximately 25% of the estimated
amount sought by the Minister, for which the Bank is fully provided.
The Bank continues to believe that there were compelling arguments against the
making of any contribution. Its decision to make this payment, entirely on a
without prejudice basis, was prompted by its assessment of the likely protracted
and lengthy litigation and consequent substantial legal costs which would be
involved going forward in these complex proceedings.
This matter relates to events dating back over thirty years. Ansbacher acquired
Guinness Mahon Cayman Trust in 1988, some seventeen years after it had been set
up by Guinness Mahon (Ireland) Limited.
Ansbacher Group Chief Executive Richard Spilg commented:
`This is a pragmatic settlement that brings matters with the Minister to
finality. We are pleased that the Minister has accepted the Bank"s contribution
in full and final settlement of these proceedings.
It was not in the interests of any of the parties to this application to pursue
the matter that would have involved very costly, protracted and complex
litigation.
Ansbacher is a responsible corporate citizen and has cooperated fully with the
Irish Inspectors throughout this long, drawn out affair in circumstances where
the core activities under investigation took place nearly thirty years ago,
before Ansbacher"s involvement.
For further information please contact either:
Michael Mayhew-Arnold Group Legal Director +44 20 7283 2500
Richard Spilg Group Chief Executive +44 20 7283 2500
Ralph Jackson The Jackson Consultancy +44 20 7323 3272
Sandton
17 December 2003
RAND MERCHANT BANK (A division of FirstRand Bank Limited)
CORPORATE FINANCE
Date: 18/12/2003 07:01:09 AM Produced by the JSE SENS Department
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