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'BLACK BANK' ACCUSED OF FLEECING SHAREHOLDERS
The Star
|May 26, 2025
Failed to submit important compliance documents
WHAT was set to be the first black and female-owned bank is now facing a bleak future.
AFRIBIZ Financial Services is taking legal action against YWBN Co-Operative Financial Institution and its founder, Nthabeleng Likotsi, after a failed R9 million share deal in the controversial YWBN Mutual Bank. AFRIBIZ says it is determined to see Likotsi do the right thing.
The dispute began when AFRIBIZ paid R9m to buy a 26% stake in YWBN Mutual Bank. However, the deal collapsed after YWBN allegedly failed to submit important compliance documents required by the Prudential Authority, South Africa's financial regulator.
Without these documents, the regulator could not approve the issuing of shares, putting the entire deal on hold. AFRIBIZ has accused YWBN of poor management and legal irregularities. The company says it spent significant time and money preparing for the investment and still wants to own the 26% stake it was promised.
Dit verhaal komt uit de May 26, 2025-editie van The Star.
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