The Times of London reported yesterday that Absa’s parent company, Barclays, had been cited for a breach of foreign exchange controls in SA between 2001 and 2004. A dossier outlining the claims was delivered to the SFO on Friday.
Absa said yesterday that it believed the case, which had been brought unsuccessfully in a South African court in 2004, had little merit, and the bank had yet to be served with papers.
It is understood that the matter relates to a case involving the liquidation of Viking Asset Management, when allegations of potential internal fraud were made. Absa defended the matter successfully in court, and was cleared of any wrongdoing.
It appears that Viking CEO Lance Coogan, who racked up huge losses when the company was liquidated in 2004, has revived the matter in the UK.Absa executive director Louis van Zeuner said yesterday he could confirm that no papers had been served on Absa or Barclays, and that the bank was aware only of what the British media had published.
However, Absa had made contact with and provided information to the Reserve Bank, and has also called a meeting of attorneys previously involved with the case.
The meeting would take place today, after which the group would be in a better position to comment on the matter, Van Zeuner said.
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