Funders of the former African Bank will receive an extraordinary R600m payment handled by RDS, following the bank being placed under curatorship in 2014. Collaboration between RDS and African Bank has been ongoing since April 2016.
Minister of Finance Enoch Godongwana has placed Habib Overseas Bank under curatorship with immediate effect to deal with "governance, compliance and operational failures" and protect the bank's depositors.
The curator of the old African Bank has settled the claims of the first group of creditors and has started paying the next set of creditors on the line, disbursing R214 million.