FIRST National Bank (FNB) mentioned yesterday that it had been made conscious of a felony criticism relating to a banking relationship with a shopper, EOH Holdings, after Transform RSA laid felony expenses of corruption and money laundering towards the financial institution.
FNB has been accused by Transform RSA of continuous to present banking amenities to EOH Holdings regardless of the company admitting to corrupt actions in its organisation.
However, FNB mentioned it might evaluate the criticism after receiving extra info and, the place required, reply by way of the related channels.
“As a reputable financial services provider, FNB endeavours to ensure that its bank accounts are utilised and managed in compliance with the relevant laws,” the financial institution mentioned.
Transform RSA president Adil Nchabeleng maintained that FNB and different South African banks had been biased in the best way they handled corporations.
“FNB, in particular, is very biased. They have decided to close the accounts of companies owned by black businesses without (them) being found guilty of breaking the law, but they are leaving those companies that have admitted to wrongdoing.
“EOH has admitted to corruption that has taken place in the organisation, but they are allowed to operate and the banks are not threatening or closing their accounts.
“They continue to access facilities and loans and continue to conduct business as if nothing has happened. Where is justice in that?” Nchabeleng mentioned.
He confirmed that they laid corruption and money laundering expenses final week on the Johannesburg Central police station and mentioned felony investigations had been underneath approach.
However, EOH hit again at Transform RSA for instructing South African banks to shut its accounts for its position within the procurement of overpriced contracts for the Department of Defence.
EOH mentioned it had been fully clear with all of the banks and has additional co-operated with the authorities, together with the Judicial Commission of Inquiry, whereas additionally laying felony expenses towards the perpetrators of wrongdoing who’re now not employed by the group.
EOH chief govt Stephen van Coller mentioned as a gaggle they continue to be dedicated to good company citizenship and governance whereas sustaining a zero-tolerance method in the direction of corruption.
“It is in line with this commitment that EOH provided input to the Judicial Commission of Inquiry regarding identified irregularities.
“It is also in line with this commitment that EOH reported concerns to the Directorate for Priority Crime Investigations and the Financial Intelligence Centre, prior to the group being approached by the Special Investigating Unit (SIU), and further initiated action in order to recover losses caused by perpetrators of wrongdoing,” Van Coller mentioned.
As far because the Department of Defence contract was involved, the group mentioned it had entered into an acknowledgement of debt (AoD) with the SIU on the finish of September final year and has since made a number of funds when it comes to the AoD, starting in October 2020.
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