Johannesburg | Saturday
SAAMBOU BANK, which was placed under curatorship in February, on Friday announced that a further portion of interest would be released to its depositors.
Saambou representative Suzette Plantema said in a statement that the curator, John Louw, decided to free up the funds to relieve hardship, especially amongst pensioners and other people who are dependent on it as a source of income.
”…having assessed the ongoing liquidity position, the curator is pleased to advise depositors of a further dispensation relating to the release of interest,” Plantema said.
Only certain deposits would qualify for the release of interest, though.
These are:
– deposits on which interest would have been withdrawable on or before April 30 had the curatorship not intervened, and
– interest on term deposits which would not have matured by April 30, on which interest was being released monthly.
The interest due on the qualifying deposits would be released from the currently frozen deposits and made available on May 1, up to a limit of R15 000 per account.
Interest accrued but not yet due to be paid out would not be released for withdrawal from May 1.
Meanwhile financial services company Tigon, together with Saambou’s former co-shareholders in the Kroonstad-based microlending company, Saampro, have obtained an interim court order against an attempt to block its acquisition of 67% of Saampro.
Saambou curator John Louw, the Registrar of Banks, Christo Wiese and Saambou obtained a court order against the transaction because Louw said that parts of Saambou were not for sale yet.
The new court order, which was granted on April 24, confirmed an agreement for an interim joint management committee to run Saampro for the next two weeks.
During this period Louw, Wiese and Saambou would have to show why the court order obtained by them should not be declared null and void or set aside as unlawful.
The joint management committee would act in the best interest of Saampro and would continue microlending and term loan business, Tigon said.
The court order also instructed Saambou to return all funds paid to it by customers of Saampro in repayment of loans. It stated further that no payments should be made to Saambou without the consent of Tigon and its fellow respondents.- Sapa