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Report: Probe of African Bank collapse faults directors' oversight

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Report: Probe of African Bank collapse faults directors' oversight

A report into the 2014 collapse of foundthat directors of the firm failed in their responsibilities to manage andprotect the bank, Bloomberg News reported, citing "two people who haveseen a copy of the document."

The report was compiled by advocate John Myburgh and is setto be released by the SouthAfrican Reserve Bank on May 12, according to Bloomberg. The report,presented to the central bank in February 2015, is said to question whetherdirectors had sufficient experience to supervise former CEO Leon Kirkinis,although it reportedly found no evidence of fraud.

A newly created entity known as African Bank Ltd. operations April 4,following its restructuring.