{"id":18321,"date":"2022-08-02T09:43:01","date_gmt":"2022-08-02T09:43:01","guid":{"rendered":"https:\/\/www.africa-press.net\/lesotho\/all-news\/bank-reacts-to-auditor-generals-findings"},"modified":"2022-08-02T10:06:26","modified_gmt":"2022-08-02T10:06:26","slug":"bank-reacts-to-auditor-generals-findings","status":"publish","type":"post","link":"https:\/\/www.africa-press.net\/lesotho\/all-news\/bank-reacts-to-auditor-generals-findings","title":{"rendered":"Bank reacts to Auditor-General\u2019s findings"},"content":{"rendered":"

Africa-Press – Lesotho. <\/strong><\/span>Standard Lesotho Bank (SBL) has reacted to the recently published report of the Auditor-General (AG) that the bank has failed to pay the dividends to the government in 2020\/2021 financial.
\nThe bank says their non-payment of the dividends was its adherence to the directive issued by their regulator, the Central Bank of Lesotho (CBL) which it made in 2020 that the banks should not pay dividends; the move which the bank made to cushion the banking sector against liquidity.
\nThis the bank said during the press conference in Maseru last week. SBL Chief Executive Officer (CEO) Anton Nicolaisen said the bank is not a state-owned entity or a parastatal, but a public limited company that is owned by the shareholders being the Standard Bank Group, Lesotho Unit Trust and the Government of Lesotho.<\/p>\n

\u201cStandard Lesotho Bank is aware of the recently released Auditor General\u2019s report on the status of Government accounts for 2020\/2021, where the report states that Standard Lesotho Bank is amongst the list of state-owned enterprises that have not paid dividends to the Government of Lesotho.<\/p>\n

\u201cWith regards to the payment of dividends, for 2020\/2021 fiscal year, the Central Bank of Lesotho (CBL) issued a directive to all commercial banks in Lesotho including Standard Lesotho Bank not to pay dividends in response to the Covid-19 pandemic and in anticipation of its negative impact on the economy.
\nThis was intended to ensure that liquidity and capital positions in the banking system remain stable with adequate capacity to absorb potential losses that could be anticipated due to the economic downturn of which at the time, its length and depth were unknown.
\nTitled an Audit Report on the Consolidated Financial Statements of the Government of Lesotho for the Year ended 31st March 2021 the AG report reads: \u201cDividends represent cash received by Government during the year on profits declared by the enterprises to their shareholders for the previous years\u2019 performance.<\/p>\n

\u201cIn my last year\u2019s report, I expressed my dissatisfaction on monitoring of dividends receivable by the Government. The situation has not improved as out of 15 entities, only two entities paid dividends totaling M238 million\u2026\u201d<\/p>\n

Flanked by the bank\u2019s Head of Finance and Value Management Mokhejane \u2018Moleli, Head of Legal and Governance Pheta Setlojoane and Head of Brand and Advertising \u2018Mamoabi Phori, Nicolaisen further mentioned that they responded to the CBL April 30 directive not to pay dividends.
\nThe government holds 9.6 percent shareholding at SBL. \u2018Moleli maintained that SBL has always been paying its dividends to all its shareholders including the government. The CEO added: \u201cThe bank was directed not pay dividends to \u201call\u201d its shareholders\u201d.<\/p>\n

For More News And Analysis About Lesotho<\/a> Follow Africa-Press<\/a><\/strong><\/p>\n","protected":false},"excerpt":{"rendered":"

Africa-Press – Lesotho. Standard Lesotho Bank (SBL) has reacted to the recently published report of the Auditor-General (AG) that the bank has failed to pay the dividends to the government in 2020\/2021 financial. The bank says their non-payment of the dividends was its adherence to the directive issued by their regulator, the Central Bank of […]<\/p>\n","protected":false},"author":84,"featured_media":18320,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[2,5,7,8,16],"tags":[233,246,415,245],"class_list":["post-18321","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-all-news","category-economy","category-head-lines","category-homepage-english","category-twitter","tag-africa-press","tag-africa-press-lesotho","tag-economic","tag-lesotho"],"yoast_head":"\nBank reacts to Auditor-General\u2019s findings - Lesotho<\/title>\n<meta name=\"description\" content=\"Standard Lesotho Bank (SBL) has reacted to the recently published report of the Auditor-General (AG) that the bank has f ...\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.africa-press.net\/lesotho\/all-news\/bank-reacts-to-auditor-generals-findings\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Bank reacts to Auditor-General\u2019s findings\" \/>\n<meta property=\"og:description\" content=\"Standard Lesotho Bank (SBL) has reacted to the recently published report of the Auditor-General (AG) that the bank has f ...\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.africa-press.net\/lesotho\/all-news\/bank-reacts-to-auditor-generals-findings\" \/>\n<meta property=\"og:site_name\" content=\"Lesotho\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/AfricaPressTunisiaa\" \/>\n<meta property=\"article:published_time\" content=\"2022-08-02T09:43:01+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2022-08-02T10:06:26+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/static.africa-press.net\/lesotho\/sites\/62\/2022\/08\/postQueueImg_23-62e8f6fdd3c74.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"720\" \/>\n\t<meta property=\"og:image:height\" content=\"478\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"cfeditoren\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"cfeditoren\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"2 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\/\/www.africa-press.net\/lesotho\/all-news\/bank-reacts-to-auditor-generals-findings#article\",\"isPartOf\":{\"@id\":\"https:\/\/www.africa-press.net\/lesotho\/all-news\/bank-reacts-to-auditor-generals-findings\"},\"author\":{\"name\":\"cfeditoren\",\"@id\":\"https:\/\/www.africa-press.net\/lesotho\/#\/schema\/person\/068c7ab4e9634ae78ec5d54ec46598bb\"},\"headline\":\"Bank reacts to Auditor-General\u2019s findings\",\"datePublished\":\"2022-08-02T09:43:01+00:00\",\"dateModified\":\"2022-08-02T10:06:26+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\/\/www.africa-press.net\/lesotho\/all-news\/bank-reacts-to-auditor-generals-findings\"},\"wordCount\":449,\"commentCount\":0,\"image\":{\"@id\":\"https:\/\/www.africa-press.net\/lesotho\/all-news\/bank-reacts-to-auditor-generals-findings#primaryimage\"},\"thumbnailUrl\":\"https:\/\/static.africa-press.net\/lesotho\/sites\/62\/2022\/08\/postQueueImg_23-62e8f6fdd3c74.jpg\",\"keywords\":[\"Africa Press\",\"Africa Press-Lesotho\",\"economic\",\"Lesotho\"],\"articleSection\":[\"all news\",\"economy\",\"head lines\",\"homepage-english\",\"twitter\"],\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"CommentAction\",\"name\":\"Comment\",\"target\":[\"https:\/\/www.africa-press.net\/lesotho\/all-news\/bank-reacts-to-auditor-generals-findings#respond\"]}]},{\"@type\":\"WebPage\",\"@id\":\"https:\/\/www.africa-press.net\/lesotho\/all-news\/bank-reacts-to-auditor-generals-findings\",\"url\":\"https:\/\/www.africa-press.net\/lesotho\/all-news\/bank-reacts-to-auditor-generals-findings\",\"name\":\"Bank reacts to Auditor-General\u2019s findings - 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