{"id":51706,"date":"2023-07-22T11:17:27","date_gmt":"2023-07-22T11:17:27","guid":{"rendered":"https:\/\/www.africa-press.net\/south-africa\/all-news\/habib-bank-to-be-liquidated-says-reserve-bank"},"modified":"2023-07-22T12:41:19","modified_gmt":"2023-07-22T12:41:19","slug":"habib-bank-to-be-liquidated-says-reserve-bank","status":"publish","type":"post","link":"https:\/\/www.africa-press.net\/south-africa\/all-news\/habib-bank-to-be-liquidated-says-reserve-bank","title":{"rendered":"Habib Bank to be liquidated, says Reserve Bank"},"content":{"rendered":"

Africa-Press – South-Africa. <\/strong><\/span>The Prudential Authority (PA) of the SA Reserve Bank on Friday launched court proceedings for the liquidation of Habib Overseas Bank, which was placed under curatorship in March.<\/p>\n

This was after the authority identified governance, compliance and operational failures. In a statement issued on Friday evening, the Reserve Bank said:<\/p>\n

In-depth assessments and analysis undertaken by the curator found that Habib Overseas Bank’s financial position was significantly worse than that reported by the bank’s management. The findings by the curator concluded that the bank was insolvent.In his report to the PA, curator Craig du Plessis said there was no reasonable probability that the bank could pay its debts or meet its obligations and become a successful concern. It was unlikely it would attract an investor to recapitalise the operation. Du Plessis also recommended an investigation into the bank’s affairs.<\/p>\n

Last year investigative journalism outfit amaBhungane reported that the bank appeared to have been used by a money laundering syndicate to spirit funds overseas. Habib told the group it was the victim of an “unscrupulous client acting in concert and colluding with some staff members”.<\/p>\n

Amabhungane also reported that low-cost cigarette manufacturer Gold Leaf moved funds to Habib once other banks closed their accounts. Gold Leaf’s assets were provisionally frozen by the SA Revenue Service last year. A spokesperson for the tobacco group has denied any wrongdoing.<\/p>\n

In 2017, a company linked to the notorious Gupta family unsuccessfully attempted to buy the bank.<\/p>\n

Under a payment plan announced by Du Plessis in June, an estimated 70% of the bank’s eligible depositors will be able to withdraw all their funds.<\/p>\n

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

Africa-Press – South-Africa. The Prudential Authority (PA) of the SA Reserve Bank on Friday launched court proceedings for the liquidation of Habib Overseas Bank, which was placed under curatorship in March. This was after the authority identified governance, compliance and operational failures. In a statement issued on Friday evening, the Reserve Bank said: In-depth assessments […]<\/p>\n","protected":false},"author":84,"featured_media":51705,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[2,5],"tags":[274,315,1743,5869,810,1928,275],"class_list":["post-51706","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-all-news","category-economy","tag-africa-press","tag-africa-press-south-africa","tag-banking","tag-habib-overseas-bank","tag-liquidation","tag-sa-reserve-bank","tag-south-africa-2"],"yoast_head":"\nHabib Bank to be liquidated, says Reserve Bank - South Africa<\/title>\n<meta name=\"description\" content=\"The Prudential Authority (PA) of the SA Reserve Bank on Friday launched court proceedings for the liquidation of Habib O ...\" \/>\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\/south-africa\/all-news\/habib-bank-to-be-liquidated-says-reserve-bank\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Habib Bank to be liquidated, says Reserve Bank\" \/>\n<meta property=\"og:description\" content=\"The Prudential Authority (PA) of the SA Reserve Bank on Friday launched court proceedings for the liquidation of Habib O ...\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.africa-press.net\/south-africa\/all-news\/habib-bank-to-be-liquidated-says-reserve-bank\" \/>\n<meta property=\"og:site_name\" content=\"South Africa\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/AfricaPressTunisiaa\" \/>\n<meta property=\"article:published_time\" content=\"2023-07-22T11:17:27+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2023-07-22T12:41:19+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/static.africa-press.net\/south-africa\/sites\/31\/2023\/07\/sm_1690013182.098428.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"720\" \/>\n\t<meta property=\"og:image:height\" content=\"403\" \/>\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\/south-africa\/all-news\/habib-bank-to-be-liquidated-says-reserve-bank#article\",\"isPartOf\":{\"@id\":\"https:\/\/www.africa-press.net\/south-africa\/all-news\/habib-bank-to-be-liquidated-says-reserve-bank\"},\"author\":{\"name\":\"cfeditoren\",\"@id\":\"https:\/\/www.africa-press.net\/south-africa\/#\/schema\/person\/068c7ab4e9634ae78ec5d54ec46598bb\"},\"headline\":\"Habib Bank to be liquidated, says Reserve Bank\",\"datePublished\":\"2023-07-22T11:17:27+00:00\",\"dateModified\":\"2023-07-22T12:41:19+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\/\/www.africa-press.net\/south-africa\/all-news\/habib-bank-to-be-liquidated-says-reserve-bank\"},\"wordCount\":292,\"commentCount\":0,\"image\":{\"@id\":\"https:\/\/www.africa-press.net\/south-africa\/all-news\/habib-bank-to-be-liquidated-says-reserve-bank#primaryimage\"},\"thumbnailUrl\":\"https:\/\/static.africa-press.net\/south-africa\/sites\/31\/2023\/07\/sm_1690013182.098428.jpg\",\"keywords\":[\"Africa Press\",\"Africa Press-South-Africa\",\"banking\",\"habib overseas bank\",\"liquidation\",\"sa reserve bank\",\"South-Africa\"],\"articleSection\":[\"all news\",\"economy\"],\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"CommentAction\",\"name\":\"Comment\",\"target\":[\"https:\/\/www.africa-press.net\/south-africa\/all-news\/habib-bank-to-be-liquidated-says-reserve-bank#respond\"]}]},{\"@type\":\"WebPage\",\"@id\":\"https:\/\/www.africa-press.net\/south-africa\/all-news\/habib-bank-to-be-liquidated-says-reserve-bank\",\"url\":\"https:\/\/www.africa-press.net\/south-africa\/all-news\/habib-bank-to-be-liquidated-says-reserve-bank\",\"name\":\"Habib Bank to be liquidated, says Reserve Bank - 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